Investors with a lot of money to spend have taken a bearish stance on AbbVie ABBV.
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 ABBV, 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 AbbVie.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 62%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $118,937, and 5 are calls, for a total amount of $215,636.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $150.0 to $170.0 for AbbVie over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for AbbVie options trades today is 3580.29 with a total volume of 475.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for AbbVie's big money trades within a strike price range of $150.0 to $170.0 over the last 30 days.
AbbVie 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| ABBV | CALL | SWEEP | BEARISH | 09/20/24 | $170.00 | $70.7K | 225 | 28 |
| ABBV | PUT | SWEEP | BULLISH | 01/19/24 | $155.00 | $54.7K | 2.7K | 63 |
| ABBV | CALL | SWEEP | BULLISH | 09/20/24 | $160.00 | $44.7K | 258 | 10 |
| ABBV | CALL | TRADE | BULLISH | 01/19/24 | $155.00 | $42.7K | 18.4K | 106 |
| ABBV | PUT | SWEEP | BEARISH | 02/16/24 | $155.00 | $36.7K | 452 | 153 |
About AbbVie
AbbVie is a pharmaceutical firm with a strong exposure to immunology and oncology. The firm's top drug, Humira, represents close to half of the company's current profits. The company was spun off from Abbott in early 2013. The recent acquisition of Allergan adds several new drugs in aesthetics and women's health.
Having examined the options trading patterns of AbbVie, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of AbbVie
- Currently trading with a volume of 1,002,541, the ABBV's price is up by 1.81%, now at $155.35.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 48 days.
What Analysts Are Saying About AbbVie
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $170.0.
- An analyst from Goldman Sachs upgraded its action to Buy with a price target of $173.
- An analyst from HSBC has revised its rating downward to Hold, adjusting the price target to $156.
- Consistent in their evaluation, an analyst from Raymond James keeps a Outperform rating on AbbVie with a target price of $181.
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 AbbVie with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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