Bearish flow noted in On Holding (ONON) AG with 2,675 puts trading, or 1.3x expected. Most active are Feb-25 55 puts and Jan-25 55 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 1.59, while ATM IV is up over 1 point on the day. Earnings are expected on March 11th.
