Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 4.2%

Summit Therapeutics Inc. (NASDAQ:SMMT) shot up 4.2% during mid-day trading on Friday . The stock traded as high as $24.25 and last traded at $24.13. 1,434,569 shares traded hands during trading, a decline of 60% from the average session volume of 3,624,440 shares. The stock had previously closed at $23.16.

Analyst Upgrades and Downgrades

SMMT has been the subject of several recent analyst reports. Citigroup raised their price target on Summit Therapeutics from $13.00 to $19.00 and gave the company a “buy” rating in a report on Monday, September 9th. HC Wainwright raised their price objective on Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Monday. Finally, Stifel Nicolaus upped their target price on Summit Therapeutics from $14.00 to $25.00 and gave the company a “buy” rating in a report on Monday, September 9th.

Summit Therapeutics Stock Performance

The business has a fifty day simple moving average of $13.75 and a 200 day simple moving average of $8.27. The stock has a market cap of $17.48 billion, a price-to-earnings ratio of -152.56 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. On average, equities research analysts anticipate that Summit Therapeutics Inc. will post -0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SMMT. Hoylecohen LLC boosted its position in shares of Summit Therapeutics by 2.4% in 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. boosted its holdings in shares of Summit Therapeutics by 142.2% in the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares during the last quarter. Virtu Financial LLC grew its stake in shares of Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after buying an additional 3,846 shares during the period. Alpine Global Management LLC increased its holdings in shares of Summit Therapeutics by 16.7% during the 1st quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock worth $145,000 after buying an additional 5,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Summit Therapeutics by 18.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock worth $138,000 after buying an additional 5,139 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.