Summit Therapeutics (NASDAQ:SMMT) Trading Up 0.3% – Still a Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) traded up 0.3% on Friday . The stock traded as high as $21.33 and last traded at $18.66. 5,938,801 shares were traded during trading, an increase of 58% from the average session volume of 3,764,589 shares. The stock had previously closed at $18.61.

Analyst Upgrades and Downgrades

SMMT has been the topic of a number of recent analyst reports. Citigroup cut Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th. HC Wainwright reissued a “buy” rating and set a $45.00 price target on shares of Summit Therapeutics in a report on Friday. Finally, Stifel Nicolaus raised their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th.

Summit Therapeutics Stock Up 3.1 %

The company has a fifty day moving average price of $16.17 and a 200-day moving average price of $9.46. The stock has a market capitalization of $13.46 billion, a P/E ratio of -117.88 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. As a group, research analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several large investors have recently made changes to their positions in the company. Hoylecohen LLC increased its stake in Summit Therapeutics by 2.4% during the second quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock worth $674,000 after acquiring an additional 2,000 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after acquiring an additional 3,579 shares during the last quarter. Virtu Financial LLC increased its stake in Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after acquiring an additional 3,846 shares during the last quarter. Alpine Global Management LLC increased its stake in Summit Therapeutics by 16.7% during the first quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock worth $145,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Summit Therapeutics by 18.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock worth $138,000 after acquiring an additional 5,139 shares during the last quarter. 4.61% of the stock is owned by institutional investors.

About Summit Therapeutics

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.