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.
Disclosure: Interactive Brokers
The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Interactive Brokers LLC, its affiliates, or its employees.
Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.
In accordance with EU regulation: The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.
Disclosure: Options Trading
Options involve risk and are not suitable for all investors. For more information read the “Characteristics and Risks of Standardized Options” also known as the options disclosure document (ODD). To receive a copy of the ODD call 312-542-6901.Multiple leg strategies, including spreads, will incur multiple commission charges.