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Teva put volume heavy and directionally bearish

Bearish flow noted in Teva (TEVA) with 36,896 puts trading, or 26x expected. Most active are Apr-25 12.5 puts and May-25 16 calls, with total volume in those strikes near 37,100 contracts. The Put/Call Ratio is 21.90, while ATM IV is up over 10 points on the day. Earnings are expected on May 7th.

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