Bearish flow noted in GSK (GSK) Pharma with 1,627 puts trading, or 1.2x expected. Most active are May-25 38.5 puts and May-25 38 puts, with total volume in those strikes near 800 contracts. The Put/Call Ratio is 1.86, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 30th.
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