Bearish flow noted in Avadel Pharmaceuticals (AVDL) with 1,671 puts trading, or 1.1x expected. Most active are Dec-25 20 puts and Dec-25 25 calls, with total volume in those strikes near 1,800 contracts. The Put/Call Ratio is 3.80, while ATM IV is up over 1 point on the day. Earnings are expected on March 2nd.
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