Deep-pocketed investors have adopted a bullish approach towards Summit Therapeutics SMMT, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SMMT usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for Summit Therapeutics. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 50% bearish. Among these notable options, 2 are puts, totaling $61,000, and 6 are calls, amounting to $445,015.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $10.0 to $30.0 for Summit Therapeutics over the last 3 months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Summit Therapeutics options trades today is 1041.71 with a total volume of 2,239.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Summit Therapeutics's big money trades within a strike price range of $10.0 to $30.0 over the last 30 days.
Summit Therapeutics 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SMMT | CALL | SWEEP | BEARISH | 09/20/24 | $13.3 | $13.0 | $13.0 | $12.00 | $130.0K | 307 | 100 |
| SMMT | CALL | TRADE | BULLISH | 01/16/26 | $11.5 | $10.0 | $10.9 | $25.00 | $109.0K | 199 | 101 |
| SMMT | CALL | TRADE | BEARISH | 01/16/26 | $11.4 | $10.8 | $10.8 | $25.00 | $108.0K | 199 | 201 |
| SMMT | CALL | SWEEP | BEARISH | 10/18/24 | $14.7 | $14.6 | $14.6 | $10.00 | $36.5K | 204 | 30 |
| SMMT | CALL | SWEEP | BULLISH | 10/18/24 | $1.05 | $1.0 | $1.05 | $30.00 | $36.0K | 3.4K | 1.5K |
About Summit Therapeutics
Summit Therapeutics Inc is a biopharmaceutical company that focuses on the discovery, development, and commercialization of novel antibiotics for serious infectious diseases. Its CDI (Clostridiodes difficile infection) product candidate is ridinilazole, an orally administered small molecule antibiotic. It has two geographical segments: the United States and the United Kingdom.
After a thorough review of the options trading surrounding Summit Therapeutics, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Summit Therapeutics's Current Market Status
- Currently trading with a volume of 3,115,467, the SMMT's price is down by -6.2%, now at $24.59.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 48 days.
What Analysts Are Saying About Summit Therapeutics
In the last month, 5 experts released ratings on this stock with an average target price of $30.0.
- An analyst from HC Wainwright & Co. downgraded its action to Buy with a price target of $16.
- An analyst from Stifel persists with their Buy rating on Summit Therapeutics, maintaining a target price of $25.
- An analyst from HC Wainwright & Co. persists with their Buy rating on Summit Therapeutics, maintaining a target price of $45.
- An analyst from HC Wainwright & Co. has revised its rating downward to Buy, adjusting the price target to $45.
- Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on Summit Therapeutics with a target price of $19.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Summit Therapeutics with Benzinga Pro for real-time alerts.
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