Bristol-Myers Squibb's Options Frenzy: What You Need to Know

Author: Benzinga Insights | August 21, 2024 03:46pm

Deep-pocketed investors have adopted a bullish approach towards Bristol-Myers Squibb (NYSE: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 9 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 44% leaning bullish and 22% bearish. Among these notable options, 4 are puts, totaling $138,637, and 5 are calls, amounting to $207,540.

What's The Price Target?

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $41.0 and $55.0 for Bristol-Myers Squibb, spanning the last three months.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of Bristol-Myers Squibb stands at 3613.11, with a total volume reaching 1,952.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Bristol-Myers Squibb, situated within the strike price corridor from $41.0 to $55.0, throughout the last 30 days.

Bristol-Myers Squibb 30-Day Option Volume & Interest Snapshot

Significant Options Trades Detected:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
BMY	CALL	SWEEP	BULLISH	01/17/25	$5.6	$5.5	$5.6	$45.00	$56.5K	7.7K	104
BMY	CALL	TRADE	BULLISH	01/16/26	$9.25	$9.2	$9.25	$43.00	$46.2K	6.8K	60
BMY	CALL	SWEEP	BULLISH	03/21/25	$9.25	$9.1	$9.2	$41.00	$45.9K	1	51
BMY	PUT	TRADE	NEUTRAL	01/16/26	$7.75	$7.65	$7.7	$52.50	$38.5K	689	50
BMY	PUT	SWEEP	BEARISH	01/17/25	$1.75	$1.69	$1.72	$45.00	$38.0K	7.7K	265

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 U.S., showing a higher dependence on the U.S. market than most of its peer group.

After a thorough review of the options trading surrounding Bristol-Myers Squibb, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Current Position of Bristol-Myers Squibb

• With a trading volume of 4,688,294, the price of BMY is down by -1.48%, reaching $48.26.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 64 days from now.

What The Experts Say On Bristol-Myers Squibb

3 market experts have recently issued ratings for this stock, with a consensus target price of $46.333333333333336.

• Consistent in their evaluation, an analyst from TD Cowen keeps a Hold rating on Bristol-Myers Squibb with a target price of $53.
• An analyst from Deutsche Bank persists with their Hold rating on Bristol-Myers Squibb, maintaining a target price of $45.
• An analyst from Barclays downgraded its action to Underweight with a price target of $41.

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.

Posted In: BMY