Bearish flow noted in Summit Therapeutics (SMMT) with 5,713 puts trading, or 14x expected. Most active are Jul-26 20 puts and Jun-26 23 puts, with total volume in those strikes near 5,200 contracts. The Put/Call Ratio is 11.11, while ATM IV is up nearly 4 points on the day. Earnings are expected on April 30th.
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