Bearish flow noted in Perpetua Resources (PPTA) with 4,276 puts trading, or 8x expected. Most active are Jul-25 12.5 puts and Sep-25 20 calls, with total volume in those strikes near 4,600 contracts. The Put/Call Ratio is 2.35, while ATM IV is up over 1 point on the day. Earnings are expected on August 14th.
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