Ardelyx put volume heavy and directionally bearish

Bearish flow noted in Ardelyx with 3,718 puts trading, or 11x expected. Most active are Apr-24 9 puts and Jan-25 5.5 puts, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 2.17, while ATM IV is up nearly 3 points on the day. Earnings are expected on February 29th.