I noticed that for some securities, puts were more expensive than calls (with same expiration). For example, suppose the underlying security is trading at 50. A put with a strike of 45 is more expensive than a call with a strike of 55. A put with a strike of 40 is more expensive than a call with a strike of 60. And so on.
This means that the market thinks the security has a greater chance of falling than of rising. But if this were the case, shouldn't the underlying security simply fall immediately? Shouldn't this sentiment just be priced into the underlying security until a put-call equilibrium is reached?
I've read about put-call parity, but that seems to be addressing puts and calls with equal strike prices. Here, I'm talking about puts and calls with different strike prices that are equidistant from the current trading price.