Avantor put volume heavy and directionally bearish

Bearish flow noted in Avantor with 3,690 puts trading, or 1.5x expected. Most active are Jul-24 22 puts and 6/14 weekly 20 puts, with total volume in those strikes near 2,800 contracts. The Put/Call Ratio is 4.15, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 26th.