Traders Buy Large Volume of Call Options on Summit Therapeutics (NASDAQ:SMMT)

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) saw some unusual options trading activity on Thursday. Stock investors purchased 10,819 call options on the stock. This is an increase of approximately 32% compared to the typical volume of 8,173 call options.

Analyst Ratings Changes

A number of analysts recently issued reports on SMMT shares. Leerink Partners started coverage on shares of Summit Therapeutics in a research note on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 price target for the company. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a research note on Wednesday, March 26th. UBS Group started coverage on shares of Summit Therapeutics in a research note on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price target for the company. JMP Securities restated a "market outperform" rating and issued a $40.00 price target on shares of Summit Therapeutics in a research note on Monday, June 2nd. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $34.67.

Summit Therapeutics Trading Up 7.6%

Summit Therapeutics stock traded up $1.73 during mid-day trading on Friday, reaching $24.35. The company's stock had a trading volume of 12,732,495 shares, compared to its average volume of 3,715,513. The firm has a market cap of $18.08 billion, a price-to-earnings ratio of -71.60 and a beta of -1.01. The business has a 50 day moving average price of $22.75 and a 200-day moving average price of $21.26. Summit Therapeutics has a twelve month low of $7.23 and a twelve month high of $36.91.

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

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SMMT. Golden State Wealth Management LLC boosted its holdings in shares of Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after acquiring an additional 751 shares during the period. National Bank of Canada FI acquired a new position in shares of Summit Therapeutics during the fourth quarter valued at $30,000. CWM LLC boosted its holdings in shares of Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after acquiring an additional 1,624 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in shares of Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after acquiring an additional 900 shares during the period. Finally, AlphaQuest LLC bought a new stake in shares of Summit Therapeutics during the first quarter valued at about $49,000. Institutional investors and hedge funds own 4.61% of the company's stock.

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.