Investors with a lot of money to spend have taken a bullish stance on Eli Lilly ( LLY ) .

And retail traders should know.

We noticed this today when the trades 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.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 56 uncommon options trades for Eli Lilly ( LLY ).

This isn't normal.

The overall sentiment of these big-money traders is split between 48% bullish and 35%, bearish.

Out of all of the special options we uncovered, 11 are puts, for a total amount of $538,941, and 45 are calls, for a total amount of $3,230,363.

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 $400.0 and $1200.0 for Eli Lilly ( LLY ), spanning the last three months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Eli Lilly ( LLY ) options trades today is 739.38 with a total volume of 5,459.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Eli Lilly's ( LLY ) big money trades within a strike price range of $400.0 to $1200.0 over the last 30 days.

Eli Lilly Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

About Eli Lilly

Eli Lilly ( LLY ) 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 cardiometabolic; and Taltz and Olumiant for immunology.

Eli Lilly's Current Market Status

Currently trading with a volume of 892,314, the LLY's price is down by -0.13%, now at $843.98.

RSI readings suggest the stock is currently may be overbought.

Anticipated earnings release is in 23 days.

Professional Analyst Ratings for Eli Lilly

In the last month, 3 experts released ratings on this stock with an average target price of $967.67.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.

* An analyst from Berenberg has revised its rating downward to Hold, adjusting the price target to $830.

* An analyst from JP Morgan persists with their Overweight rating on Eli Lilly ( LLY ), maintaining a target price of $1050.

* Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Eli Lilly ( LLY ), targeting a price of $1023.

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 Eli Lilly ( LLY ) options trades with real-time alerts from Benzinga Pro.