Option traders moderately bearish in Eli Lilly (LLY), with shares down $6.57 near $748.82. Options volume relatively light with 11k contracts traded and calls leading puts for a put/call ratio of 0.95, compared to a typical level near 0.69. Implied volatility (IV30) is higher by 0.8 points near 28.79,in the bottom quartile of the past year, suggesting an expected daily move of $13.58. Put-call skew steepened, indicating increased demand for downside protection.
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