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

Summit Therapeutics PLC (NASDAQ:SMMT) was the recipient of unusually large options trading activity on Tuesday. Stock investors bought 12,356 call options on the stock. This represents an increase of 141% compared to the average volume of 5,119 call options.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SMMT shares. Truist Financial upgraded shares of Summit Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Stifel Nicolaus started coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 price objective on the stock. HC Wainwright decreased their price objective on shares of Summit Therapeutics from $30.00 to $23.00 and set a “buy” rating on the stock in a report on Monday, May 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. Finally, Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $27.58.

Institutional Trading of Summit Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Ball & Co Wealth Management Inc. purchased a new stake in shares of Summit Therapeutics during the first quarter worth about $28,000. Kestra Advisory Services LLC purchased a new stake in Summit Therapeutics in the fourth quarter valued at approximately $28,000. T. Rowe Price Investment Management Inc. grew 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 purchasing an additional 1,805 shares during the period. Parallel Advisors LLC purchased a new stake in Summit Therapeutics in the third quarter valued at approximately $39,000. Finally, Truvestments Capital LLC grew 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 purchasing an additional 1,736 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

Shares of SMMT stock traded down $0.10 during mid-day trading on Tuesday, hitting $15.92. The stock had a trading volume of 992,399 shares, compared to its average volume of 3,218,237. Summit Therapeutics has a fifty-two week low of $13.83 and a fifty-two week high of $30.98. The firm has a market cap of $12.36 billion, a PE ratio of -9.95 and a beta of -1.25. The company’s 50-day simple moving average is $18.83 and its 200-day simple moving average is $17.65.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Thursday, April 30th. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.03. On average, analysts expect that Summit Therapeutics will post -1.17 EPS for the current year.

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.