OptionWatch:

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

Articles From: Interactive Brokers
Website: Interactive Brokers

By:

Sr. Trading Education Specialist

Interactive Brokers

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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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.

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