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

Summit Therapeutics Inc. (NASDAQ:SMMT – Get Rating) saw some unusual options trading on Wednesday. Traders acquired 4,011 call options on the company. This is an increase of approximately 117% compared to the typical daily volume of 1,852 call options.

Analyst Ratings Changes

Separately, StockNews.com cut Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Friday, May 12th.

Summit Therapeutics Trading Up 1.2 %

Shares of SMMT stock opened at $1.72 on Thursday. Summit Therapeutics has a 12-month low of $0.66 and a 12-month high of $5.78. The firm has a 50 day moving average price of $1.66 and a two-hundred day moving average price of $2.34. The company has a market capitalization of $1.20 billion, a PE ratio of -0.95 and a beta of -1.02. The company has a quick ratio of 14.22, a current ratio of 14.22 and a debt-to-equity ratio of 0.75.

Summit Therapeutics (NASDAQ:SMMT – Get Rating) last announced its earnings results on Thursday, March 9th. The company reported ($0.07) EPS for the quarter. Summit Therapeutics had a negative return on equity of 70.92% and a negative net margin of 1,012.41%. The business had revenue of $1.13 million for the quarter.

Insider Activity

In related news, CEO Mahkam Zanganeh purchased 15,973,743 shares of the business’s stock in a transaction dated Wednesday, March 8th. The shares were bought at an average price of $1.05 per share, with a total value of $16,772,430.15. Following the purchase, the chief executive officer now directly owns 23,395,269 shares in the company, valued at approximately $24,565,032.45. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Mahkam Zanganeh acquired 15,973,743 shares of the stock in a transaction that occurred on Wednesday, March 8th. The stock was acquired at an average price of $1.05 per share, for a total transaction of $16,772,430.15. Following the transaction, the chief executive officer now directly owns 23,395,269 shares in the company, valued at $24,565,032.45. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert W. Duggan acquired 376,489,880 shares of the stock in a transaction that occurred on Monday, March 6th. The stock was purchased at an average price of $1.05 per share, with a total value of $395,314,374.00. Following the transaction, the chief executive officer now owns 552,354,161 shares in the company, valued at $579,971,869.05. The disclosure for this purchase can be found here. Insiders have purchased a total of 392,659,985 shares of company stock valued at $412,292,984 in the last 90 days. 83.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Baker BROS. Advisors LP lifted its holdings in shares of Summit Therapeutics by 215.2% during the first quarter. Baker BROS. Advisors LP now owns 6,304,705 shares of the company’s stock worth $11,033,000 after purchasing an additional 4,304,705 shares during the period. Polar Capital Holdings Plc grew its position in Summit Therapeutics by 2.5% in the 1st quarter. Polar Capital Holdings Plc now owns 6,272,509 shares of the company’s stock worth $15,368,000 after purchasing an additional 154,598 shares in the last quarter. BlackRock Inc. grew its position in Summit Therapeutics by 245.1% in the 1st quarter. BlackRock Inc. now owns 1,845,053 shares of the company’s stock worth $3,229,000 after purchasing an additional 1,310,393 shares in the last quarter. Geode Capital Management LLC grew its position in Summit Therapeutics by 130.9% in the 1st quarter. Geode Capital Management LLC now owns 1,088,981 shares of the company’s stock worth $1,906,000 after purchasing an additional 617,308 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its position in Summit Therapeutics by 106.7% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 630,570 shares of the company’s stock worth $1,103,000 after purchasing an additional 325,570 shares in the last quarter. 1.59% of the stock is owned by institutional investors.

About Summit Therapeutics

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Summit Therapeutics Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat infectious diseases in the United States and Latin America. It conducts clinical programs focusing on Clostridioides difficile infection (CDI). The company's lead product candidate is ridinilazole, an orally administered small molecule antibiotic that is in Phase III clinical trials for the treatment of CDI.