Investors Purchase Large Volume of Summit Therapeutics Call Options (NASDAQ:SMMT)

Summit Therapeutics Inc. (NASDAQ:SMMT) was the target of unusually large options trading activity on Thursday. Stock traders bought 6,405 call options on the company. This is an increase of 95% compared to the typical daily volume of 3,283 call options.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Cantor Fitzgerald started coverage on shares of Summit Therapeutics in a research report on Friday, March 21st. They issued an “overweight” rating for the company. StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Evercore ISI started coverage on Summit Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $30.00 target price on the stock. Citigroup upgraded Summit Therapeutics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th. Finally, Summit Redstone set a $35.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $35.40.

Summit Therapeutics Stock Up 10.5 %

NASDAQ:SMMT opened at $20.15 on Friday. Summit Therapeutics has a twelve month low of $2.10 and a twelve month high of $33.89. The stock’s 50-day simple moving average is $19.64 and its 200 day simple moving average is $19.65. The firm has a market capitalization of $14.86 billion, a PE ratio of -71.96 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The company had revenue of $0.20 million during the quarter. On average, analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Griffin Asset Management Inc. lifted its stake in shares of Summit Therapeutics by 63.3% in the 4th quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock valued at $1,975,000 after acquiring an additional 42,900 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new position in Summit Therapeutics in the 4th quarter worth about $444,000. China Universal Asset Management Co. Ltd. raised its position in Summit Therapeutics by 12.2% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company’s stock valued at $2,790,000 after purchasing an additional 17,014 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Summit Therapeutics by 252.8% during the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock valued at $3,661,000 after purchasing an additional 147,003 shares in the last quarter. Finally, Franklin Resources Inc. bought a new stake in shares of Summit Therapeutics during the third quarter worth about $2,091,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.