Stock Traders Purchase Large Volume of Summit Therapeutics Call Options (NASDAQ:SMMT)

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) was the target of unusually large options trading on Thursday. Stock traders acquired 10,819 call options on the company. This represents an increase of approximately 32% compared to the typical daily volume of 8,173 call options.

Institutional Trading of Summit Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in SMMT. Price T Rowe Associates Inc. MD increased its holdings in shares of Summit Therapeutics by 20.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after buying an additional 1,118,270 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after buying an additional 724,040 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in shares of Summit Therapeutics by 100.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock worth $24,755,000 after buying an additional 695,843 shares during the last quarter. Siren L.L.C. acquired a new stake in shares of Summit Therapeutics during the 1st quarter worth $13,407,000. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Summit Therapeutics during the 1st quarter worth $10,378,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Trading Up 7.6%

Shares of Summit Therapeutics stock traded up $1.73 during trading hours on Thursday, reaching $24.35. 12,732,495 shares of the company's stock were exchanged, compared to its average volume of 3,708,545. Summit Therapeutics has a 52-week low of $6.90 and a 52-week high of $36.91. The firm has a market capitalization of $18.08 billion, a price-to-earnings ratio of -71.60 and a beta of -1.01. The company has a fifty day moving average of $22.97 and a 200-day moving average of $21.14.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. On average, equities research analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

SMMT has been the topic of a number of research reports. Wall Street Zen upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday. UBS Group began coverage on Summit Therapeutics in a research note on Tuesday. They issued a "buy" rating and a $30.00 target price on the stock. Evercore ISI began coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Finally, Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and upped their target price for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Summit Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $34.67.

Summit Therapeutics Company Profile

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.