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

Summit Therapeutics PLC (NASDAQ:SMMT) was the recipient of some unusual options trading activity on Tuesday. Stock traders purchased 12,356 call options on the company. This represents an increase of 141% compared to the average daily volume of 5,119 call options.

Institutional Trading of Summit Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Ball & Co Wealth Management Inc. acquired a new stake in Summit Therapeutics in the first quarter valued at $28,000. Kestra Advisory Services LLC acquired a new stake in Summit Therapeutics in the fourth quarter valued at $28,000. T. Rowe Price Investment Management Inc. raised its holdings in Summit Therapeutics by 2,654.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after acquiring an additional 1,805 shares in the last quarter. Parallel Advisors LLC acquired a new stake in Summit Therapeutics in the third quarter valued at $39,000. Finally, Truvestments Capital LLC raised its holdings in Summit Therapeutics by 200.2% in the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after acquiring an additional 1,736 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Trading Down 0.6%

SMMT traded down $0.10 during trading on Tuesday, hitting $15.92. 992,399 shares of the company’s stock were exchanged, compared to its average volume of 3,218,237. Summit Therapeutics has a 1 year low of $13.83 and a 1 year high of $30.98. The stock has a 50 day moving average price of $18.83 and a 200 day moving average price of $17.65. The firm has a market cap of $12.36 billion, a P/E ratio of -9.95 and a beta of -1.25.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Thursday, April 30th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. Analysts forecast that Summit Therapeutics will post -1.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. HC Wainwright lowered their target price on shares of Summit Therapeutics from $30.00 to $23.00 and set a “buy” rating for the company in a report on Monday, May 4th. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Monday. Truist Financial upgraded shares of Summit Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Stifel Nicolaus assumed coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Jefferies Financial Group downgraded shares of Summit Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the company from $42.00 to $15.00 in a report on Monday, March 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Summit Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $27.58.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.