Bearish flow noted in Organon (OGN) and Co with 10,053 puts trading, or 35x expected. Most active are Mar-26 7.5 puts and Feb-26 8 puts, with total volume in those strikes near 9,900 contracts. The Put/Call Ratio is 18.08, while ATM IV is up over 2 points on the day. Earnings are expected on February 12th.
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