Summit Therapeutics (NASDAQ:SMMT) Stock Sees Unusually High Call Option Buying

Summit Therapeutics PLC (NASDAQ:SMMT) was the target of some unusual options trading activity on Tuesday. Investors purchased 17,527 call options on the company. This is an increase of 121% compared to the average daily volume of 7,943 call options.

Summit Therapeutics Trading Down 8.7%

Shares of SMMT stock traded down $1.50 on Tuesday, reaching $15.63. The company’s stock had a trading volume of 4,923,241 shares, compared to its average volume of 4,616,361. The stock’s fifty day simple moving average is $15.64 and its 200-day simple moving average is $16.42. Summit Therapeutics has a 1 year low of $12.07 and a 1 year high of $29.23. The company has a market capitalization of $12.50 billion, a price-to-earnings ratio of -13.95 and a beta of -1.51.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Equities research analysts forecast that Summit Therapeutics will post -1.20 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SMMT. Fifth Third Bancorp increased its position in shares of Summit Therapeutics by 24.4% during the 1st quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock valued at $71,000 after purchasing an additional 732 shares during the last quarter. Tidal Investments LLC raised its holdings in Summit Therapeutics by 0.7% during the 2nd quarter. Tidal Investments LLC now owns 121,097 shares of the company’s stock valued at $1,764,000 after buying an additional 783 shares during the period. GAMMA Investing LLC lifted its position in Summit Therapeutics by 61.7% in the third quarter. GAMMA Investing LLC now owns 2,697 shares of the company’s stock worth $46,000 after buying an additional 1,029 shares during the last quarter. CX Institutional lifted its position in Summit Therapeutics by 244.8% in the third quarter. CX Institutional now owns 2,038 shares of the company’s stock worth $34,000 after buying an additional 1,447 shares during the last quarter. Finally, Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics during the first quarter worth $28,000. Institutional investors own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SMMT. HC Wainwright reiterated a “neutral” rating on shares of Summit Therapeutics in a research report on Wednesday, September 30th. Citigroup restated a “buy” rating and set a $43.00 target price (up from $40.00) on shares of Summit Therapeutics in a research report on Friday, September 25th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research note on Tuesday, September 22nd. Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 price target on shares of Summit Therapeutics in a report on Tuesday, September 29th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Summit Therapeutics in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $28.61.

About Summit Therapeutics

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition targeting PD-1 with anti-angiogenic activity targeting VEGF. Summit is evaluating ivonescimab in clinical studies for multiple solid tumors, including non-small cell lung cancer.

Summit obtained exclusive rights from Akeso, Inc to develop and commercialize ivonescimab in markets outside China, including the United States and other international territories.