Insmed put volume heavy and directionally bearish

Bearish flow noted in Insmed with 4,202 puts trading, or 1.7x expected. Most active are Dec-24 20 puts and Jul-24 75 calls, with total volume in those strikes near 4,300 contracts. The Put/Call Ratio is 2.73, while ATM IV is up nearly 7 points on the day. Earnings are expected on August 8th.