The shares of CVS Health Corporation (NYSE: CVS) are up 3.1% at $67 at last check, after a positive second-quarter report. CVS announced earnings of $2.26 per share, much higher than the anticipated $1.93 per share, as well as revenue that was also above estimates. Furthermore, CEO Larry J. Merlo stated that the company is well-positioned to administer coronavirus vaccines when the time comes.

The company reported earnings of $2.26 per share

Today's pop has CVS heading on pressure at the $66 region, an area that has rejected previous rallies since mid-June, as well as the 160-day moving average, which kept a cap on yesterday's gains. Currently, the equity is down around 10% year-to-date. 

Things are looking bullish on the analyst front, with 12 out of 17 in coverage sporting a "buy" or better rating, and the remaining five at a lukewarm "hold," with no "sells" or worse in sight. Meanwhile, the 12-month consensus price target of $78.26 is a 20% premium to last night's close. 

The options pits have been of similar sentiment ahead of earnings as well, with 3.96 calls bought for every put during the last 10 weeks at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than all other readings from the past 12 months, suggesting long calls are being picked up at a very high rate. 

That said, now may be a good time to weigh in on CVS options. The stock's Schaeffer's Volatility Index (SVI) of 36% stands higher than just 19% of all other readings in its annual range, implying that options players are pricing in relatively low volatility expectations at the moment.