Bearish flow noted in On Holding (ONON) AG with 3,182 puts trading, or 3x expected. Most active are Jan-25 56 puts and Jan-25 54 puts, with total volume in those strikes near 1,800 contracts. The Put/Call Ratio is 1.67, while ATM IV is up over 4 points on the day. Earnings are expected on March 11th.
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