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 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 8 uncommon options trades for Cigna Group.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 50%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $455,917, and 3 are calls, for a total amount of $107,055.
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 $300.0 and $340.0 for Cigna Group, spanning the last three months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Cigna Group options trades today is 434.14 with a total volume of 842.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Cigna Group's big money trades within a strike price range of $300.0 to $340.0 over the last 30 days.
Cigna Group 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CI | PUT | TRADE | BEARISH | 10/18/24 | $25.0 | $24.1 | $25.0 | $340.00 | $250.0K | 1.0K | 0 |
| CI | PUT | TRADE | BEARISH | 01/17/25 | $12.1 | $11.6 | $11.9 | $300.00 | $69.0K | 867 | 0 |
| CI | PUT | SWEEP | BULLISH | 07/12/24 | $4.2 | $3.7 | $3.7 | $317.50 | $55.1K | 1.0K | 299 |
| CI | PUT | SWEEP | BULLISH | 07/12/24 | $3.8 | $3.7 | $3.7 | $317.50 | $54.5K | 1.0K | 529 |
| CI | CALL | TRADE | BEARISH | 01/16/26 | $43.0 | $41.5 | $41.5 | $330.00 | $41.5K | 13 | 0 |
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.
Cigna Group's Current Market Status
- With a volume of 437,257, the price of CI is down -2.21% at $318.24.
- RSI indicators hint that the underlying stock may be oversold.
- Next earnings are expected to be released in 27 days.
Professional Analyst Ratings for Cigna Group
Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $400.0.
- Reflecting concerns, an analyst from Piper Sandler lowers its rating to Overweight with a new price target of $400.
- An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $400.
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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