What the Options Market Tells Us About Cigna Group

Investors with a lot of money to spend have taken a bullish stance on Cigna Group CI.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CI, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 14 uncommon options trades for Cigna Group.

This isn't normal.

The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.

Out of all of the special options we uncovered, 6 are puts, for a total amount of $192,830, and 8 are calls, for a total amount of $444,803.

Projected Price Targets

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $280.0 and $310.0 for Cigna Group, spanning the last three months.

Volume & Open Interest Development

In today's trading context, the average open interest for options of Cigna Group stands at 372.67, with a total volume reaching 2,247.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Cigna Group, situated within the strike price corridor from $280.0 to $310.0, throughout the last 30 days.

Cigna Group Option Volume And Open Interest Over Last 30 Days

Largest Options Trades Observed:

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

Where Is Cigna Group Standing Right Now?

• With a trading volume of 413,244, the price of CI is up by 0.06%, reaching $342.5.
• Current RSI values indicate that the stock is may be overbought.
• Next earnings report is scheduled for 66 days from now.

What Analysts Are Saying About Cigna Group

5 market experts have recently issued ratings for this stock, with a consensus target price of $362.8.

• An analyst from Mizuho has decided to maintain their Buy rating on Cigna Group, which currently sits at a price target of $370.
• An analyst from Wells Fargo has decided to maintain their Equal-Weight rating on Cigna Group, which currently sits at a price target of $348.
• An analyst from RBC Capital upgraded its action to Outperform with a price target of $354.
• An analyst from Deutsche Bank has elevated its stance to Buy, setting a new price target at $370.
• An analyst from Cantor Fitzgerald has elevated its stance to Overweight, setting a new price target at $372.

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 Cigna Group, Benzinga Pro gives you real-time options trades alerts.