Decoding Bristol-Myers Squibb's Options Activity: What's the Big Picture?

Deep-pocketed investors have adopted a bearish approach towards Bristol-Myers Squibb BMY, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in BMY usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 10 extraordinary options activities for Bristol-Myers Squibb. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 30% leaning bullish and 70% bearish. Among these notable options, 2 are puts, totaling $167,800, and 8 are calls, amounting to $640,598.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $43.0 to $60.0 for Bristol-Myers Squibb over the last 3 months.

Insights into Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Bristol-Myers Squibb options trades today is 3581.67 with a total volume of 2,064.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Bristol-Myers Squibb's big money trades within a strike price range of $43.0 to $60.0 over the last 30 days.

Bristol-Myers Squibb Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

About Bristol-Myers Squibb

Bristol-Myers Squibb discovers, develops, and markets drugs for various therapeutic areas, such as cardiovascular, cancer, and immune disorders. A key focus for Bristol is immuno-oncology, where the firm is a leader in drug development. Bristol derives close to 70% of total sales from the US, showing a higher dependence on the US market than most of its peer group.

In light of the recent options history for Bristol-Myers Squibb, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Bristol-Myers Squibb's Current Market Status

• Trading volume stands at 5,399,329, with BMY's price down by -1.0%, positioned at $56.24.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 27 days.

What Analysts Are Saying About Bristol-Myers Squibb

Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $67.5.

Turn $1000 into $1270 in just 20 days?

20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from Jefferies has elevated its stance to Buy, setting a new price target at $70. * An analyst from Truist Securities has decided to maintain their Buy rating on Bristol-Myers Squibb, which currently sits at a price target of $65.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Bristol-Myers Squibb options trades with real-time alerts from Benzinga Pro.