Immunovant put volume heavy and directionally bearish

Bearish flow noted in Immunovant with 4,028 puts trading, or 2.0x expected. Most active are Dec-23 22.5 puts and Oct-23 35 puts, with total volume in those strikes near 2,500 contracts. The Put/Call Ratio is 10.71, while ATM IV is up nearly 6 points on the day. Earnings are expected on November 3rd.