27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
Someone with a lot of money to spend has taken a bearish stance on Eli Lilly (NYSE:LLY).
And retail traders should know.
We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with LLY, it often means somebody knows something is about to happen.
So how do we know what this whale just did?
Today, Benzinga's options scanner spotted 79 uncommon options trades for Eli Lilly.
This isn't normal.
The overall sentiment of these big-money traders is split between 24% bullish and 75%, bearish.
Out of all of the special options we uncovered, 22 are puts, for a total amount of $896,977, and 57 are calls, for a total amount of $2,512,574.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $250.0 to $900.0 for Eli Lilly over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Eli Lilly options trades today is 301.57 with a total volume of 7,511.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Eli Lilly's big money trades within a strike price range of $250.0 to $900.0 over the last 30 days.
Eli Lilly Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| LLY | CALL | SWEEP | BEARISH | 01/17/25 | $630.00 | $119.1K | 171 | 15 |
| LLY | CALL | SWEEP | BULLISH | 10/27/23 | $582.50 | $110.2K | 35 | 275 |
| LLY | CALL | TRADE | BEARISH | 11/10/23 | $540.00 | $101.0K | 50 | 20 |
| LLY | PUT | TRADE | BULLISH | 11/17/23 | $600.00 | $98.3K | 486 | 37 |
| LLY | PUT | TRADE | BEARISH | 12/15/23 | $570.00 | $95.8K | 169 | 46 |
Where Is Eli Lilly Standing Right Now?
- With a volume of 2,777,283, the price of LLY is down -1.37% at $576.65.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 10 days.
What The Experts Say On Eli Lilly:
- Wells Fargo has decided to maintain their Overweight rating on Eli Lilly, which currently sits at a price target of $650.
- Cantor Fitzgerald downgraded its action to Overweight with a price target of $630
- Citigroup has decided to maintain their Buy rating on Eli Lilly, which currently sits at a price target of $675.
- UBS downgraded its action to Buy with a price target of $710
- Cantor Fitzgerald downgraded its action to Overweight with a price target of $630
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Eli Lilly, Benzinga Pro gives you real-time options trades alerts.
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!