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

Summit Therapeutics PLC (NASDAQ:SMMT) saw some unusual options trading on Tuesday. Investors purchased 8,383 put options on the stock. This is an increase of approximately 144% compared to the typical daily volume of 3,437 put options.

Summit Therapeutics Stock Up 0.2%

SMMT opened at $16.12 on Wednesday. Summit Therapeutics has a twelve month low of $13.83 and a twelve month high of $36.91. The company’s 50-day moving average price is $16.59 and its two-hundred day moving average price is $19.11. The stock has a market cap of $12.43 billion, a price-to-earnings ratio of -11.12 and a beta of -1.44.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.07). As a group, sell-side analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Zacks Research lowered Summit Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 4th. HC Wainwright reduced their target price on shares of Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday. Citigroup reissued a “buy” rating on shares of Summit Therapeutics in a research report on Tuesday. Piper Sandler set a $40.00 price target on shares of Summit Therapeutics in a report on Wednesday, January 14th. Finally, Summit Redstone set a $18.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Summit Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $32.25.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SMMT. Price T Rowe Associates Inc. MD boosted its position in shares of Summit Therapeutics by 106.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock valued at $163,907,000 after acquiring an additional 4,832,592 shares during the period. Vanguard Group Inc. boosted its holdings in Summit Therapeutics by 31.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after purchasing an additional 2,706,056 shares during the period. Baker BROS. Advisors LP grew its position in shares of Summit Therapeutics by 7.9% during the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after purchasing an additional 2,668,089 shares in the last quarter. Norges Bank purchased a new position in shares of Summit Therapeutics during the 2nd quarter valued at $29,576,000. Finally, Fiera Capital Corp bought a new position in shares of Summit Therapeutics in the second quarter worth $16,659,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Trending Headlines about Summit Therapeutics

Here are the key news stories impacting Summit Therapeutics this week:

• Positive Sentiment: Pipeline/regulatory progress — Summit reported advancement of ivonescimab with a BLA filing and multiple late‑stage cancer trials underway, which supports the company’s long‑term value proposition. Read More. Read More.
• Neutral Sentiment: Analyst action — HC Wainwright cut its price target from $40 to $30 but kept a “Buy” rating, which signals continued analyst confidence in the program-level upside even as near-term assumptions were revised. Read More.
• Negative Sentiment: Earnings miss and higher losses — Summit reported Q4 EPS of ($0.29) vs. consensus ($0.22), driven by a surge in R&D spending; the wider-than-expected loss is pressuring near‑term fundamentals and contributed to negative headlines. Read More. Read More.
• Negative Sentiment: Market reaction & trading signals — News outlets reported share weakness after the earnings miss, and unusual options activity showed a large spike in put purchases (8,383 puts, a ~144% rise vs. average), indicating some traders are hedging or betting on further downside. Read More.

Summit Therapeutics Company Profile

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.