Summit Therapeutics Sees Unusually Large Options Volume (NASDAQ:SMMT)

Summit Therapeutics Inc. (NASDAQ:SMMT) saw unusually large options trading on Monday. Stock traders bought 11,544 call options on the company. This represents an increase of 99% compared to the typical daily volume of 5,797 call options.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC acquired a new stake in Summit Therapeutics in the second quarter valued at about $15,154,000. TD Asset Management Inc purchased a new stake in Summit Therapeutics in the 2nd quarter worth approximately $2,081,000. Vanguard Group Inc. grew its stake in Summit Therapeutics by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after acquiring an additional 254,261 shares during the period. The Manufacturers Life Insurance Company grew its stake in Summit Therapeutics by 167.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock worth $1,607,000 after acquiring an additional 128,934 shares during the period. Finally, Aristides Capital LLC purchased a new stake in Summit Therapeutics in the 4th quarter worth approximately $210,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

Shares of SMMT stock traded down $2.93 during mid-day trading on Monday, hitting $21.46. 4,803,014 shares of the stock were exchanged, compared to its average volume of 3,677,515. The stock’s fifty day simple moving average is $14.06 and its two-hundred day simple moving average is $8.46. The stock has a market capitalization of $15.06 billion, a price-to-earnings ratio of -141.94 and a beta of -0.99. Summit Therapeutics has a 12-month low of $1.64 and a 12-month high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, research analysts expect that Summit Therapeutics will post -0.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on SMMT shares. Citigroup increased their price objective on Summit Therapeutics from $13.00 to $19.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Stifel Nicolaus increased their price objective on Summit Therapeutics from $14.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Finally, HC Wainwright increased their target price on Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a report on Monday, September 16th.

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.