Financial giants have made a conspicuous bearish move on Cigna Group. Our analysis of options history for Cigna Group CI revealed 8 unusual trades.
Delving into the details, we found 37% of traders were bullish, while 62% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $83,370, and 5 were calls, valued at $151,840.
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 $295.0 and $300.0 for Cigna Group, spanning the last three months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Cigna Group options trades today is 529.0 with a total volume of 271.00.
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 $295.0 to $300.0 over the last 30 days.
Cigna Group Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CI | CALL | TRADE | BEARISH | 02/16/24 | $295.00 | $41.0K | 55 | 20 |
| CI | CALL | TRADE | BEARISH | 05/17/24 | $300.00 | $31.4K | 607 | 48 |
| CI | PUT | TRADE | BEARISH | 05/17/24 | $300.00 | $28.1K | 925 | 105 |
| CI | PUT | TRADE | NEUTRAL | 05/17/24 | $300.00 | $27.7K | 925 | 42 |
| CI | PUT | TRADE | NEUTRAL | 05/17/24 | $300.00 | $27.5K | 925 | 0 |
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.
Following our analysis of the options activities associated with Cigna Group, we pivot to a closer look at the company's own performance.
Current Position of Cigna Group
- Currently trading with a volume of 166,753, the CI's price is down by -0.63%, now at $310.91.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 23 days.
Expert Opinions on Cigna Group
2 market experts have recently issued ratings for this stock, with a consensus target price of $363.5.
- An analyst from Deutsche Bank persists with their Hold rating on Cigna Group, maintaining a target price of $355.
- An analyst from Bernstein has elevated its stance to Outperform, setting a new price target at $372.
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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