Bearish flow noted in On Holding (ONON) AG with 29,895 puts trading, or 9x expected. Most active are Aug-25 44.5 puts and Aug-25 45 puts, with total volume in those strikes near 18,600 contracts. The Put/Call Ratio is 2.77, while ATM IV is up over 3 points on the day. Earnings are expected on August 12th.
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