Summit Therapeutics Options Trading: A Deep Dive into Market Sentiment

Author: Benzinga Insights | September 11, 2024 11:45am

Financial giants have made a conspicuous bullish move on Summit Therapeutics. Our analysis of options history for Summit Therapeutics (NASDAQ:SMMT) revealed 13 unusual trades.

Delving into the details, we found 38% of traders were bullish, while 38% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $142,500, and 10 were calls, valued at $863,755.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $14.0 to $30.0 for Summit Therapeutics over the recent three months.

Volume & Open Interest Trends

In terms of liquidity and interest, the mean open interest for Summit Therapeutics options trades today is 1076.55 with a total volume of 2,794.00.

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 $14.0 to $30.0 over the last 30 days.

Summit Therapeutics Option Activity Analysis: Last 30 Days

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	TRADE	BULLISH	09/20/24	$9.9	$9.1	$9.6	$14.00	$287.0K	3.9K	502
SMMT	CALL	TRADE	NEUTRAL	09/20/24	$9.3	$8.4	$8.9	$14.00	$178.0K	3.9K	202
SMMT	CALL	SWEEP	BULLISH	09/20/24	$5.1	$4.6	$5.0	$19.00	$133.0K	515	281
SMMT	CALL	TRADE	BEARISH	01/17/25	$4.7	$4.5	$4.5	$25.00	$90.0K	375	34
SMMT	PUT	TRADE	BEARISH	01/17/25	$5.5	$5.3	$5.5	$25.00	$82.5K	91	210

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.

Current Position of Summit Therapeutics

• With a volume of 6,406,733, the price of SMMT is up 1.87% at $23.4.
• RSI indicators hint that the underlying stock may be overbought.
• Next earnings are expected to be released in 55 days.

Professional Analyst Ratings for Summit Therapeutics

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $18.4.

• An analyst from HC Wainwright & Co. downgraded its action to Buy with a price target of $16.
• An analyst from HC Wainwright & Co. has revised its rating downward to Buy, adjusting the price target to $16.
• An analyst from Citigroup has decided to maintain their Buy rating on Summit Therapeutics, which currently sits at a price target of $19.
• An analyst from Stifel has decided to maintain their Buy rating on Summit Therapeutics, which currently sits at a price target of $25.
• An analyst from HC Wainwright & Co. has revised its rating downward to Buy, adjusting the price target to $16.

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.

Posted In: SMMT