Summit Therapeutics Target of Unusually High Options Trading (NASDAQ:SMMT)

Key Points

• Summit Therapeutics experienced a significant increase in call options trading, with 18,713 call options acquired—a 123% rise from the average daily volume.
• The company's stock is currently valued at $23.68, which reflects a minor decline of 0.7% on the trading day, amid a total trading volume of 692,564 shares.
• Analysts have mixed views on Summit Therapeutics, with price targets ranging from $21.00 to $50.00, resulting in an overall average rating of "Moderate Buy" at a consensus target price of $33.31.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) was the recipient of some unusual options trading on Wednesday. Stock traders acquired 18,713 call options on the company. Thisisanincreaseofapproximately123% compared to the average daily volume of 8,389 call options.

Summit Therapeutics Stock Down 0.7%

NASDAQ:SMMT traded down $0.17 on Wednesday, hitting $23.68. The stock had a trading volume of 692,564 shares, compared to its average volume of 3,590,687. The business's 50-day simple moving average is $25.65 and its two-hundred day simple moving average is $23.14. Summit Therapeutics has a 52-week low of $11.76 and a 52-week high of $36.91. The stock has a market cap of $17.59 billion, a price-to-earnings ratio of -23.44 and a beta of -1.02.

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

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Summit Therapeutics by 358.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock worth $3,664,000 after purchasing an additional 160,592 shares during the period. Bank of America Corp DE raised its position in Summit Therapeutics by 10.5% during the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock valued at $7,701,000 after purchasing an additional 40,908 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Summit Therapeutics during the 4th quarter worth $8,801,000. Janney Montgomery Scott LLC lifted its stake in shares of Summit Therapeutics by 12.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,610 shares of the company's stock worth $340,000 after purchasing an additional 1,894 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in shares of Summit Therapeutics during the 4th quarter worth $188,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

Wall Street Analysts Forecast Growth

SMMT has been the subject of a number of analyst reports. Evercore ISI increased their price objective on Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Summit Redstone set a $21.00 target price on Summit Therapeutics in a research note on Tuesday, August 19th. Zacks Research cut Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 14th. HC Wainwright reissued a "buy" rating and issued a $50.00 target price on shares of Summit Therapeutics in a research note on Tuesday. Finally, UBS Group began coverage on Summit Therapeutics in a research note on Tuesday, July 1st. They issued a "buy" rating and a $30.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $33.31.

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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