Health Care

Summit Therapeutics Inc. (SMMT) options and signal

Figures as of 28 Sep 2026

SMMT is Summit Therapeutics Inc., a Health Care name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
Trade Card	Bear put spread, 15 Jan	25 Sep
IV rank	46 of 100	28 Sep
At the money IV	149.4%	28 Sep
Priced move to 30 Oct	43.8% down, 39.9% up	28 Sep
Call wall and put wall	20 and 15	28 Sep
Signal and the desk's view	Bearish signal, view bearish	25 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for SMMT was a bear put spread expiring 15 Jan 2027, paper trading.

Figure	Value
Signal	Bearish, over 45 trading days
Strategy	Bear put spread, debit
Legs	Buy the 20 put, Sell the 13 put
Expiry	15 Jan 2027, 112 days to expiry
Limit	A debit of at most $3.90
Probability of profit	38%, the option market's odds at expiry, from delta
Max loss	$390 per contract
Max profit	$310 per contract
Breakeven	16.10
IV rank at that expiry	43 of 100

Probability of profit is the option market's own odds from delta, not the model's.

Priced on the option chain at the close on 25 Sep 2026.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Options Snapshot

SMMT's IV rank is 46 of 100 on 28 Sep 2026.

Figure	Value
IV rank	46 of 100
At the money IV	149.4%, near month, 32 days
Put/call ratio, open interest	0.76
Call open interest, strikes captured near the price	96,700 contracts
Put open interest, strikes captured near the price	73,300 contracts
Cost to trade at the money	Wide, 141.8% of the option's mid price

IV rank is where the at the money IV sits among SMMT's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, SMMT options priced a move of 43.8 percent down and 39.9 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	22.0%	21.9%	12.08 to 18.87
9 Oct 2026	11	28.5%	30.2%	11.07 to 20.16
23 Oct 2026	25	41.0%	41.5%	9.13 to 21.91
30 Oct 2026	32	43.8%	39.9%	8.70 to 21.66
20 Nov 2026	53	49.5%	56.0%	7.81 to 24.15
15 Jan 2027	109	68.5%	75.6%	4.88 to 27.18
16 Apr 2027	200	85.3%	85.9%	2.28 to 28.78

The range is one standard deviation either side of the close of 15.48, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, SMMT's call wall is the 20 strike and its put wall is the 15 strike.

Figure	Value
Call wall, most open call gamma	20
Put wall, most open put gamma	15
Net dollar gamma, calls minus puts	$322,582
Total dollar gamma, both sides	$1.71 million
Close	15.48

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 5 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Weather

On 28 Sep 2026, SMMT's at the money IV runs from 204.0 percent at 4 days to 115.1 percent at 200 days.

Days to expiry	At the money IV
4	204.0%
11	203.9%
18	170.1%
25	138.4%
39	127.1%
53	138.2%
109	131.3%
200	115.1%

Near expiries price more volatility than far ones, an inverted term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 32 day expiry, SMMT's IV ten percent below the price sits 8.7 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	140.7%	-8.7 points
At the money	149.4%	0.0 points
10% above the price	145.5%	-3.9 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, SMMT's surface spans 10 expiries out to 200 days, with IV from 111.4 to 226.2 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	48
Lowest IV among them	111.4%
Highest IV among them	226.2%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, SMMT has 10 captured expiries, from 2 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	204.0%	10,668	10,367
9 Oct 2026	11	203.9%	2,372	263
16 Oct 2026	18	170.1%	17,007	11,860
23 Oct 2026	25	138.4%	714	253
30 Oct 2026	32	149.4%	193	41
6 Nov 2026	39	127.1%	9	11
20 Nov 2026	53	138.2%	1,860	260
15 Jan 2027	109	131.3%	58,636	50,054
19 Mar 2027	172	119.9%	1,663	125
16 Apr 2027	200	115.1%	3,571	63

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, SMMT's largest open interest sits at the 20 strike, with 30,566 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
20	24,449	6,117	30,566
10	11,854	9,923	21,777
9	11	19,760	19,771
15	10,044	9,300	19,344
25	14,925	0	14,925
18	9,480	2,093	11,573

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, SMMT's at the money IV moved from 173.0 percent to 149.4 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	173.0%	149.4%	-23.6 points
Open interest, strikes captured near the price	165,845	169,990	+4,145
Put/call ratio, open interest	0.72	0.76	+0.04

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 21,834 SMMT option contracts traded, 1.3 times its own recent average.

Figure	Value
Calls traded	8,751
Puts traded	13,083
Against its recent average	1.3 times
Open interest, whole chain	183,372 contracts
Volume to open interest	0.12
Unusual volume flag	Yes, 1 contract traded well above open interest
Largest flagged contract	The 10 put expiring 2 Oct, 3,890 traded against 834 open

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 5 trading days of SMMT's option positioning, from 22 Sep 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
22 Sep 2026	17.12	$223,244	18	16.5
28 Sep 2026	15.48	$322,582	20	15

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of SMMT was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, signal on
Strategy family	Bear put spread (buy a put spread)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 SMMT sat at the 2nd percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	3 of 100	Bearish
20 trading days	3 of 100	Bearish
45 trading days	2 of 100	Bearish

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026, 3 of 3 timeframes put SMMT on the bearish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	2 of 2
Long	45 day	Bearish	1 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Signal History

On 25 Sep 2026 SMMT's bearish signal had held 3 trading days in a row, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	Bearish	2 of 100
24 Sep 2026	Bearish	3 of 100
23 Sep 2026	Bearish	4 of 100
22 Sep 2026	None	16 of 100
21 Sep 2026	None	60 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Sector Split

On 25 Sep 2026, 32 of 120 Health Care names were bullish and 52 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Health Care	120	32	52	36

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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The Desk Analyst

The Free plan shows the first paragraph of The Desk Analyst's column on SMMT for 25 Sep 2026, quoted below.

SMMT closed at 15.61, which is 4.7% below its 200-day simple moving average of 16.38.

The stock is also below its 5-day average of 16.49 and its 20-day average of 16.57.

It remains above its 50-day average of 14.82 and its 100-day average of 15.23.

Paper trading. Column for 25 Sep 2026, general commentary published the same way to every reader.

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Questions

What is SMMT's IV rank?: SMMT's IV rank is 46 of 100 on 28 Sep 2026.
What move are SMMT options pricing?: On 28 Sep 2026, SMMT options priced a move of 43.8 percent down and 39.9 percent up by 30 Oct 2026.
Where are SMMT's call wall and put wall?: On 28 Sep 2026, SMMT's call wall is the 20 strike and its put wall is the 15 strike.
What was the latest Trade Card for SMMT on the Free plan?: On 25 Sep 2026 the Trade Card for SMMT was a bear put spread expiring 15 Jan 2027, paper trading.

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