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

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) was the target of unusually large options trading activity on Monday. Stock traders acquired 11,544 call options on the company. This is an increase of 99% compared to the typical daily volume of 5,797 call options.

Summit Therapeutics Trading Down 10.2 %

SMMT stock traded down $2.48 on Monday, hitting $21.91. The company's stock had a trading volume of 11,456,443 shares, compared to its average volume of 3,713,804. Summit Therapeutics has a 1 year low of $1.64 and a 1 year high of $33.89. The firm has a 50 day moving average of $14.06 and a two-hundred day moving average of $8.46. The stock has a market cap of $15.38 billion, a price-to-earnings ratio of -141.94 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. As a group, equities analysts forecast that Summit Therapeutics will post -0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. lifted its stake in Summit Therapeutics by 142.2% in the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock valued at $25,000 after buying an additional 3,579 shares in the last quarter. Fullcircle Wealth LLC acquired a new position in Summit Therapeutics in the 2nd quarter valued at about $95,000. XTX Topco Ltd purchased a new position in Summit Therapeutics in the 2nd quarter valued at about $121,000. CIBC Asset Management Inc acquired a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $154,000. Finally, Virtu Financial LLC grew its holdings in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock worth $84,000 after buying an additional 3,846 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SMMT. Citigroup boosted their price objective on Summit Therapeutics from $13.00 to $19.00 and gave the company a "buy" rating in a report on Monday, September 9th. HC Wainwright raised their price target on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, September 16th. Finally, Stifel Nicolaus increased their price objective on Summit Therapeutics from $14.00 to $25.00 and gave the company a "buy" rating in a research note on Monday, September 9th.

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.