Bearish flow noted in On Holding (ONON) AG with 5,226 puts trading, or 2x expected. Most active are Jul-25 52.5 puts and Dec-24 55 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 1.57, while ATM IV is up nearly 4 points on the day. Earnings are expected on March 11th.
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