Biogen put volume heavy and directionally bearish
Bearish flow noted in Biogen with 2,067 puts trading, or 1.4x expected. Most active are Dec-16 290 puts and Dec-16 335 calls, with total volume in those strikes near 750 contracts. The Put/Call Ratio is 2.22, while ATM IV is up over 1 point on the day. Earnings are expected on January 26th.