Investors with a lot of money to spend have taken a bearish 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 this is an institution or just a wealthy individual, we don't know. But when something this big happens with CI, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 9 options trades for Cigna Group.
This isn't normal.
The overall sentiment of these big-money traders is split between 33% bullish and 55%, bearish.
Out of all of the options we uncovered, 8 are puts, for a total amount of $398,435, and there was 1 call, for a total amount of $72,500.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $330.0 and $370.0 for Cigna Group, spanning the last three months.
Insights into Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Cigna Group's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Cigna Group's substantial trades, within a strike price spectrum from $330.0 to $370.0 over the preceding 30 days.
Cigna Group Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CI | PUT | TRADE | BEARISH | 05/03/24 | $2.9 | $2.75 | $2.85 | $345.00 | $142.5K | 270 | 79 |
| CI | CALL | TRADE | BEARISH | 01/17/25 | $30.4 | $28.6 | $29.0 | $370.00 | $72.5K | 155 | 0 |
| CI | PUT | SWEEP | BULLISH | 10/18/24 | $22.4 | $22.1 | $22.1 | $360.00 | $61.9K | 86 | 15 |
| CI | PUT | TRADE | BEARISH | 06/21/24 | $3.6 | $3.2 | $3.55 | $330.00 | $44.3K | 387 | 50 |
| CI | PUT | SWEEP | BEARISH | 05/03/24 | $3.3 | $2.95 | $3.3 | $347.50 | $33.0K | 53 | 108 |
About Cigna Group
Cigna primarily provides pharmacy benefit management and health insurance services. Its PBM and specialty pharmacy 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, and the company operates mostly in the US with 18 million US medical members covered as of December 2023.
In light of the recent options history for Cigna Group, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Where Is Cigna Group Standing Right Now?
- With a trading volume of 1,265,290, the price of CI is up by 0.39%, reaching $358.45.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 1 days from now.
Expert Opinions on Cigna Group
1 market experts have recently issued ratings for this stock, with a consensus target price of $384.0.
- An analyst from Cantor Fitzgerald downgraded its action to Overweight with a price target of $384.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Cigna Group options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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