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

Key Points

• Summit Therapeutics experienced a significant increase in call options trading, with 20,567 call options bought, marking a 123% rise compared to the daily average of 9,239.
• Institutional investors have been active, with Price T Rowe Associates increasing its stake by 20.6% and other firms also boosting their positions in Summit Therapeutics.
• Wall Street analysts have mixed opinions; while Goldman Sachs set a new price target of $41.00 with a "buy" rating, Leerink Partners issued an "underperform" rating with a target of $12.00.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) was the target of unusually large options trading on Thursday. Stock traders bought 20,567 call options on the company. Thisrepresentsanincreaseof123% compared to the typical daily volume of 9,239 call options.

Hedge Funds Weigh In On Summit Therapeutics

A number of large investors have recently added to or reduced their stakes in SMMT. Price T Rowe Associates Inc. MD lifted its stake in shares of Summit Therapeutics by 20.6% in the fourth 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 in the last quarter. Geode Capital Management LLC boosted its position in shares of Summit Therapeutics by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock worth $57,133,000 after purchasing an additional 101,039 shares during the period. APEIRON CAPITAL Ltd bought a new position in shares of Summit Therapeutics in the second quarter worth approximately $25,556,000. Rock Springs Capital Management LP boosted its position in shares of Summit Therapeutics by 1.3% in the fourth quarter. Rock Springs Capital Management LP now owns 1,054,000 shares of the company's stock worth $18,809,000 after purchasing an additional 14,000 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Summit Therapeutics by 1.6% in the fourth quarter. Northern Trust Corp now owns 871,402 shares of the company's stock worth $15,550,000 after purchasing an additional 14,075 shares during the period. Hedge funds and other institutional investors own 4.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. The Goldman Sachs Group raised their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Leerink Partners initiated coverage on Summit Therapeutics in a report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 price objective for the company. HC Wainwright reiterated a "buy" rating and issued a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, July 1st. TD Cowen raised shares of Summit Therapeutics to a "strong-buy" rating in a research note on Thursday, May 8th. Finally, JMP Securities reissued a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday, June 2nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $34.67.

Summit Therapeutics Trading Down 2.2%

Shares of Summit Therapeutics stock traded down $0.62 on Thursday, hitting $27.91. 789,972 shares of the company traded hands, compared to its average volume of 3,641,369. The firm's 50-day simple moving average is $23.48 and its 200 day simple moving average is $22.50. The company has a market cap of $20.72 billion, a P/E ratio of -82.14 and a beta of -1.06. Summit Therapeutics has a 12-month low of $9.36 and a 12-month high of $36.91.

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.

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