CVS Health Corporation CVS shares are seeing a sell-off that comes in the wake of the recent Trump-Harris debate, which has created a wave of uncertainty in the healthcare sector. Here’s what you need to know.
What To Know: Prediction markets, such as Polymarket, show strong support for Harris's performance, with many expecting her to see a polling boost. Early polling data seems to back these predictions, with Harris leading Trump by a significant margin, as noted by a CNN poll conducted by SSRS. While political debates may not always have a direct impact on the stock market, healthcare stocks are particularly sensitive to policy shifts.
As of Wednesday, CVS is trading with a volume of 3.36 million shares and an RSI reading suggesting it's currently neutral between overbought and oversold. Analysts have weighed in with varying opinions, setting an average price target of $64. Recent downgrades from firms like Cantor Fitzgerald, which lowered its rating to Neutral with a new target of $62, reflect concerns over the company's near-term prospects.
What Else: Beyond the broader political context, CVS Health has also seen a surge in options trading activity. A detailed analysis of recent trades shows that 50% of traders are bullish on the stock, while 41% remain bearish. This mixed sentiment has been reflected in the price targets for CVS over the past three months, with trades targeting a range between $30 and $65. Noteworthy recent trades include a bearish put option expiring in January 2025 with a strike price of $55, valued at $440,000, and a bullish call option expiring in the same month with a strike price of $50, valued at $53,500.
CVS Price Action: CVS shares were down by 1.9% at $55.86 at the time of publication Wednesday, according to Benzinga Pro.
![](https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11143155/CVS-1024x550.png)
See Also:
- Bitcoin Miner CleanSpark Expands Mining Boundaries, Purchases Seven Facilities For $30M In Tennessee
Photo: Around the World Photos via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.