CI stock formed a downtrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... breakout chart pattern on June 9, 2023. The stock is trading in a technical downtrend.
The Cigna Group is a global health service company that provides various health insurance and related services to individuals, employers, and governments. Their services include medical, dental, and vision insurance, behavioral health, pharmacy benefits, and wellness programs. They also offer disability, life, and accident insurance, as well as international health insurance for expatriates. In addition, they provide healthcare analytics and consulting services to help employers manage healthcare costs and improve their employees’ health and well-being.
Cigna upgraded at BofA
On June 6, 2023, BofA raised Cigna from Neutral to Buy with a $320 price target. The analyst believes that the risk versus reward profile is improving as a result of the pharmacy benefit managers’ and commercial benefit managers’ expected faster-than-average growth rates. The analyst informs investors in a research note that the resumed Medicaid redeterminations should support commercial growth by reducing recession risk. The introduction of biosimilars could boost profits starting in the second half of 2023.
