A Closer Look at Illumina's Options Market Dynamics

Deep-pocketed investors have adopted a bearish approach towards Illumina ILMN, 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 ILMN usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 18 extraordinary options activities for Illumina. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 44% leaning bullish and 55% bearish. Among these notable options, 6 are puts, totaling $1,422,623, and 12 are calls, amounting to $1,278,425.

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 $136.0 and $200.0 for Illumina, spanning the last three months.

Analyzing Volume & Open Interest

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Illumina's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Illumina's significant trades, within a strike price range of $136.0 to $200.0, over the past month.

Illumina Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

About Illumina

Illumina provides tools and services to analyze genetic material with life science and clinical lab applications. The company generates over 90% of its revenue from sequencing instruments, consumables, and services. Illumina's high-throughput technology enables whole genome sequencing in humans and other large organisms. Its lower throughput tools enable applications that require smaller data outputs, such as viral and cancer tumor screening. Illumina also sells microarrays (9% of 2023 sales) that enable lower-cost, focused genetic screening with primarily consumer and agricultural applications.

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

Where Is Illumina Standing Right Now?

• With a trading volume of 318,683, the price of ILMN is up by 0.79%, reaching $136.2.
• Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
• Next earnings report is scheduled for 47 days from now.

What Analysts Are Saying About Illumina

2 market experts have recently issued ratings for this stock, with a consensus target price of $214.0.

• An analyst from RBC Capital downgraded its action to Outperform with a price target of $258.
• An analyst from Stephens & Co. has revised its rating downward to Overweight, adjusting the price target to $170.

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 Illumina, Benzinga Pro gives you real-time options trades alerts.