Deep-pocketed investors have adopted a bearish approach towards Cigna Group CI, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CI usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 15 extraordinary options activities for Cigna Group. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 40% leaning bullish and 60% bearish. Among these notable options, 6 are puts, totaling $346,463, and 9 are calls, amounting to $378,695.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $250.0 to $360.0 for Cigna Group during the past quarter.
Volume & Open Interest Trends
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Cigna Group's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Cigna Group's whale trades within a strike price range from $250.0 to $360.0 in the last 30 days.
Cigna Group 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CI | PUT | SWEEP | BEARISH | 06/21/24 | $250.00 | $99.9K | 1.3K | 250 |
| CI | PUT | TRADE | BEARISH | 07/19/24 | $340.00 | $85.1K | 0 | 0 |
| CI | CALL | TRADE | BULLISH | 01/17/25 | $360.00 | $61.0K | 147 | 0 |
| CI | CALL | SWEEP | BULLISH | 01/05/24 | $297.50 | $59.0K | 59 | 60 |
| CI | CALL | SWEEP | BULLISH | 06/21/24 | $310.00 | $57.7K | 265 | 25 |
About Cigna Group
Cigna primarily provides pharmacy benefit management and health insurance services. Its PBM services, which were greatly expanded by its 2018 merger with Express Scripts, are mostly sold to health insurance plans and employers. Its largest PBM contract is the Department of Defense and it recently won a deal with top-tier insurer Centene. In health insurance and other benefits, Cigna mostly serves employers through self-funding arrangements, but it also operates in government programs, such as Medicare Advantage. The company operates mostly in the U.S. with 18 million U.S. medical members covered as of the end of June 2023.
Having examined the options trading patterns of Cigna Group, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of Cigna Group
- Trading volume stands at 1,416,371, with CI's price up by 3.65%, positioned at $310.38.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 31 days.
What The Experts Say On Cigna Group
2 market experts have recently issued ratings for this stock, with a consensus target price of $348.0.
- Consistent in their evaluation, an analyst from Deutsche Bank keeps a Hold rating on Cigna Group with a target price of $355.
- An analyst from Jefferies has elevated its stance to Buy, setting a new price target at $341.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Cigna Group with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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