Teladoc put volume heavy and directionally bearish

Bearish flow noted in Teladoc (TDOC) with 12,135 puts trading, or 12x expected. Most active are 1/23 weekly 6 puts and Apr-26 5 calls, with total volume in those strikes near 12,000 contracts. The Put/Call Ratio is 4.27, while ATM IV is up over 4 points on the day. Earnings are expected on February 25th.