Commit To Purchase Summit Therapeutics At $9, Earn 31.3% Annualized Using Options

Investors eyeing a purchase of Summit Therapeutics Inc (SMMT) shares, but cautious about paying the going market price of $11.38/share, might benefit from considering selling puts among the alternative strategies at their disposal. One interesting put contract in particular, is the January 2025 put at the $9 strike, which has a bid at the time of this writing of $1.35..