GSK Pharma put volume heavy and directionally bearish

Bearish flow noted in GSK Pharma with 3,360 puts trading, or 1.1x expected. Most active are Jul-24 41 puts and Aug-24 40 puts, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 3.14, while ATM IV is up over 1 point on the day. Earnings are expected on July 31st.