Summit Therapeutics (NASDAQ:SMMT) Sees Strong Trading Volume

Summit Therapeutics Inc. (NASDAQ:SMMT) saw an uptick in trading volume on Monday . 3,826,217 shares traded hands during mid-day trading, an increase of 4% from the previous session’s volume of 3,670,113 shares.The stock last traded at $22.41 and had previously closed at $24.39.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SMMT shares. Citigroup raised their target price on Summit Therapeutics from $13.00 to $19.00 and gave the company a “buy” rating in a report on Monday, September 9th. Stifel Nicolaus upped their target price on shares of Summit Therapeutics from $14.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Finally, HC Wainwright increased their target price on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a report on Monday, September 16th.

Summit Therapeutics Trading Down 11.3 %

The business’s fifty day moving average is $14.06 and its 200 day moving average is $8.46. The company has a market cap of $15.19 billion, a P/E ratio of -141.94 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share 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 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Hoylecohen LLC increased its holdings in Summit Therapeutics by 2.4% during the 2nd 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 period. Russell Investments Group Ltd. increased its holdings in shares of 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 purchasing an additional 3,579 shares during the period. Virtu Financial LLC raised its position in shares of Summit Therapeutics by 23.3% in the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after buying an additional 3,846 shares in the last quarter. Alpine Global Management LLC grew its position 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 buying an additional 5,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in 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 acquiring an additional 5,139 shares during the last quarter. 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.