Investors with a lot of money to spend have taken a bearish stance on Eli Lilly LLY.
And retail traders should know.
We noticed this today when the positions 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 LLY, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 9 options trades for Eli Lilly.
This isn't normal.
The overall sentiment of these big-money traders is split between 11% bullish and 88%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $51,300, and 8, calls, for a total amount of $479,772.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $590.0 to $700.0 for Eli Lilly during the past quarter.
Volume & Open Interest Development
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Eli Lilly's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Eli Lilly's substantial trades, within a strike price spectrum from $590.0 to $700.0 over the preceding 30 days.
Eli Lilly 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| LLY | CALL | SWEEP | BEARISH | 02/16/24 | $670.00 | $207.5K | 744 | 201 |
| LLY | CALL | TRADE | NEUTRAL | 07/19/24 | $650.00 | $54.4K | 82 | 10 |
| LLY | PUT | TRADE | BEARISH | 03/15/24 | $650.00 | $51.3K | 92 | 19 |
| LLY | CALL | TRADE | BEARISH | 09/20/24 | $700.00 | $45.0K | 58 | 0 |
| LLY | CALL | TRADE | BEARISH | 04/19/24 | $640.00 | $42.3K | 555 | 10 |
About Eli Lilly
Eli Lilly is a drug firm with a focus on neuroscience, cardiometabolic, cancer, and immunology. Lilly's key products include Verzenio for cancer; Mounjaro, Zepbound, Jardiance, Trulicity, Humalog, and Humulin for diabetes; and Taltz and Olumiant for immunology.
Following our analysis of the options activities associated with Eli Lilly, we pivot to a closer look at the company's own performance.
Eli Lilly's Current Market Status
- With a trading volume of 16,415, the price of LLY is up by 0.21%, reaching $646.97.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 5 days from now.
Expert Opinions on Eli Lilly
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $670.0.
- An analyst from Barclays persists with their Overweight rating on Eli Lilly, maintaining a target price of $680.
- Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $630.
- An analyst from Wells Fargo has decided to maintain their Overweight rating on Eli Lilly, which currently sits at a price target of $700.
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 Eli Lilly, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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