Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 4.1%

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) were up 4.1% during trading on Monday . The stock traded as high as $8.14 and last traded at $8.12. Approximately 257,370 shares changed hands during trading, a decline of 92% from the average daily volume of 3,198,653 shares. The stock had previously closed at $7.80.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SMMT shares. Citigroup increased their target price on shares of Summit Therapeutics from $7.00 to $13.00 and gave the company a “buy” rating in a report on Friday, May 31st. Stifel Nicolaus raised their price target on shares of Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, June 3rd.

Summit Therapeutics Stock Performance

The company’s 50-day moving average price is $5.90 and its 200 day moving average price is $4.50. The company has a debt-to-equity ratio of 2.26, a quick ratio of 6.97 and a current ratio of 6.97. The stock has a market capitalization of $5.71 billion, a PE ratio of -51.44 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. On average, equities research analysts expect that Summit Therapeutics Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. raised its holdings in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after buying an additional 3,579 shares during the last quarter. Federated Hermes Inc. purchased a new position in shares of Summit Therapeutics during the third quarter valued at approximately $33,000. Wealth Management Partners LLC purchased a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $39,000. Tower Research Capital LLC TRC raised its holdings in shares of Summit Therapeutics by 212.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock valued at $55,000 after purchasing an additional 14,384 shares during the last quarter. Finally, Sectoral Asset Management Inc. raised its holdings in shares of Summit Therapeutics by 50.0% during the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock valued at $78,000 after purchasing an additional 10,000 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company's lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.