Summit Therapeutics Target of Unusually High Options Trading (NASDAQ:SMMT)

Summit Therapeutics Inc. (NASDAQ:SMMT) saw some unusual options trading on Friday. Traders bought 14,375 call options on the company. This represents an increase of approximately 111% compared to the average volume of 6,798 call options.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $18.66 on Friday. The stock has a market capitalization of $13.86 billion, a price-to-earnings ratio of -66.64 and a beta of -0.94. The business has a 50-day moving average of $23.44 and a 200 day moving average of $20.83. Summit Therapeutics has a 12 month low of $6.78 and a 12 month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. Equities research analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. increased its position in shares of Summit Therapeutics by 12.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company’s stock worth $2,790,000 after acquiring an additional 17,014 shares during the period. Wells Fargo & Company MN grew its stake in Summit Therapeutics by 79.2% during the 4th quarter. Wells Fargo & Company MN now owns 95,265 shares of the company’s stock worth $1,700,000 after purchasing an additional 42,090 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Summit Therapeutics by 252.8% during the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock worth $3,661,000 after purchasing an additional 147,003 shares during the period. Dimensional Fund Advisors LP increased its holdings in Summit Therapeutics by 358.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company’s stock worth $3,664,000 after purchasing an additional 160,592 shares during the period. Finally, abrdn plc raised its position in Summit Therapeutics by 13.6% in the 4th quarter. abrdn plc now owns 1,290,425 shares of the company’s stock valued at $23,028,000 after purchasing an additional 154,139 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Summit Redstone set a $35.00 price target on Summit Therapeutics in a research note on Wednesday, March 26th. HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, April 28th. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. Wall Street Zen raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Finally, Citigroup raised shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Summit Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $37.40.

Summit Therapeutics Company Profile

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.