Summit Therapeutics Sees Unusually High Options Volume (NASDAQ:SMMT)

Key Points

• Summit Therapeutics experienced a significant increase in options trading on Monday, with 8,902 call options traded, a 17% rise from the usual volume.
• Wall Street analysts have given the company a consensus rating of "Moderate Buy" along with a price target of $31.29, indicating overall optimism regarding its future performance.
• CEO Robert W. Duggan purchased 333,394 shares at an average price of $17.68, further demonstrating insider confidence, with insiders holding 84.90% of the stock.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) was the recipient of unusually large options trading activity on Monday. Traders acquired 8,902 call options on the company. This is an increase of approximately 17% compared to the typical volume of 7,595 call options.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. HC Wainwright reiterated a "buy" rating and set a $50.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 16th. Citigroup reiterated a "buy" rating on shares of Summit Therapeutics in a report on Monday. Zacks Research upgraded shares of Summit Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, October 13th. Barclays assumed coverage on shares of Summit Therapeutics in a report on Wednesday, September 17th. They set an "underweight" rating and a $13.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a report on Monday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.29.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock traded down $0.50 during trading on Monday, hitting $20.49. 3,259,108 shares of the stock were exchanged, compared to its average volume of 3,785,654. The stock has a market cap of $15.22 billion, a price-to-earnings ratio of -19.78 and a beta of -1.13. The firm's 50-day moving average price is $22.48 and its 200 day moving average price is $23.40. Summit Therapeutics has a 12-month low of $15.55 and a 12-month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.66). As a group, research analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert W. Duggan acquired 333,394 shares of the stock in a transaction that occurred on Wednesday, September 10th. The stock was purchased at an average price of $17.68 per share, with a total value of $5,894,405.92. Following the transaction, the chief executive officer owned 556,088,090 shares of the company's stock, valued at approximately $9,831,637,431.20. This trade represents a 0.06% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Mahkam Zanganeh acquired 333,394 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were bought at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the transaction, the chief executive officer directly owned 556,088,090 shares in the company, valued at $9,831,637,431.20. This trade represents a 0.06% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 676,788 shares of company stock valued at $11,969,512 in the last ninety days. 84.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors have recently modified their holdings of SMMT. Golden State Wealth Management LLC lifted its position in shares of Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after purchasing an additional 751 shares during the last quarter. Ball & Co Wealth Management Inc. acquired a new stake in Summit Therapeutics during the 2nd quarter worth $31,000. CWM LLC raised its stake in Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after acquiring an additional 1,624 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in Summit Therapeutics by 34.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company's stock worth $37,000 after acquiring an additional 447 shares in the last quarter. Finally, AlphaQuest LLC acquired a new stake in Summit Therapeutics during the 1st quarter worth $49,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company's lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.

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