Large Upside Call Trade in Summit Therapeutics Inc. (Symbol: SMMT)

Articles From: Interactive Brokers
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Sr. Trading Education Specialist

This morning a trader bought 8,600 June 16 ’23 2 calls in Summit Therapeutics Inc. (Symbol: SMMT). The calls are a 30 delta, and the trade is the equivalent of 258,000 shares of stock. SMMT currently trades at $1.60 but traded above $2.00 as recently as May 11th.  The open interest in the SMMT June 16 ’23 2 calls was approximately 1,000 contracts this morning so trader may be taking an opening bullish position that SMMT will trade above $2.00 by the June 16th expiration.

SMMT has a 52-week high of $5.78 and a 52-week low of $0.66.

SMMT has a 52-week high of $5.78 and a 52-week low of $0.66.

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