Humana (NYSE:HUM) quickly fell 5% in premarket trading at least party amid some Cigna (CI) comments about share repurchases.

Cigna (CI) said it will spend its excess free cash flow on share buybacks, Cigna's CEO David Cordani said on the company's Q3 earnings call.

"We continue to expect to use the majority of the proceeds for share repurchase," Cordani said on the call.

The comments may dampen recent reports that Humana (HUM) and Cigna (CI) have had informal talks about a potential transaction. No decision has been made and Cigna or Humana may push any deal past the new year or could decide to abandon any deal, according to Bloomberg report earlier this month.

Though Cigna (CI) said it may use cash for buybacks, that wouldn't prevent Cigna from making an all-stock offer for Humana (HUM), traders told Seeking Alpha.

Shares of Cigna (CI) jumped 8% in premarket trading after results beat Street forecasts with its Q3 2024 financials on as its Evernorth Health Services unit, which houses its pharmacy benefits manager Express Scripts, exceeded expectations by a wide margin.