On Holding AG put volume heavy and directionally bearish

Bearish flow noted in On Holding AG with 1,456 puts trading, or 1.2x expected. Most active are Aug-26 25 calls and 7/10 weekly 36.5 puts, with total volume in those strikes near 570 contracts. The Put/Call Ratio is 1.75, while ATM IV is up over 2 points on the day. Earnings are expected on August 11th.