Teva put volume heavy and directionally bearish

Bearish flow noted in Teva with 5,349 puts trading, or 1.7x expected. Most active are 7/26 weekly 16.5 puts and Jul-24 17 puts, with total volume in those strikes near 3,300 contracts. The Put/Call Ratio is 1.76, while ATM IV is up over 1 point on the day. Earnings are expected on July 31st.