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

Summit Therapeutics PLC (NASDAQ:SMMT) was the recipient of some unusual options trading activity on Wednesday. Stock traders acquired 16,625 call options on the company. This is an increase of 387% compared to the typical daily volume of 3,416 call options.

Wall Street Analyst Weigh In

SMMT has been the topic of a number of recent research reports. Citizens Jmp reaffirmed a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Friday, January 30th. Piper Sandler set a $40.00 target price on shares of Summit Therapeutics in a report on Wednesday, January 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Thursday, January 22nd. 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. Finally, HC Wainwright lowered their target price on shares of Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Summit Therapeutics Price Performance

Shares of SMMT stock opened at $24.58 on Thursday. The firm has a 50-day moving average of $17.67 and a 200-day moving average of $17.86. The company has a market cap of $19.08 billion, a P/E ratio of -16.95 and a beta of -1.36. Summit Therapeutics has a one year low of $13.83 and a one year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Monday, February 23rd. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.07). As a group, research analysts expect that Summit Therapeutics will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Crowley Wealth Management Inc. increased its holdings in Summit Therapeutics by 66.7% during the third quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock worth $31,000 after buying an additional 600 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Summit Therapeutics during the fourth quarter worth about $28,000. Parallel Advisors LLC purchased a new stake in Summit Therapeutics during the third quarter worth about $39,000. T. Rowe Price Investment Management Inc. increased its holdings in Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after buying an additional 1,805 shares during the last quarter. Finally, Truvestments Capital LLC increased its holdings in Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after buying an additional 1,736 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.