Replimune Group put volume heavy and directionally bearish

Bearish flow noted in Replimune Group with 5,913 puts trading, or 3x expected. Most active are 8/14 weekly 8 puts and 8/7 weekly 8 puts, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 4.37, while ATM IV is up over 16 points on the day. Earnings are expected on August 6th.