On Holding AG put volume heavy and directionally bearish

Bearish flow noted in On Holding (ONON) AG with 8,469 puts trading, or 4x expected. Most active are 4/4 weekly 42 puts and Apr-25 43 puts, with total volume in those strikes near 4,600 contracts. The Put/Call Ratio is 2.37, while ATM IV is up over 7 points on the day. Earnings are expected on May 13th.

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