Horizon Pharma put volume heavy and directionally bearish

Bearish flow noted in Horizon Pharma with 21,275 puts trading, or 12x expected. Most active are Oct-23 110 puts and Jan-24 115 puts, with total volume in those strikes near 12,900 contracts. The Put/Call Ratio is 29.39, while ATM IV is up over 3 points on the day. Earnings are expected on November 1st.

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