Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Still a Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) gapped up prior to trading on Friday . The stock had previously closed at $18.61, but opened at $20.21. Summit Therapeutics shares last traded at $19.17, with a volume of 4,348,958 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SMMT. Stifel Nicolaus raised their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Finally, HC Wainwright reiterated a “buy” rating and set a $45.00 price objective on shares of Summit Therapeutics in a research note on Friday.

Summit Therapeutics Price Performance

The stock has a market capitalization of $13.66 billion, a P/E ratio of -116.63 and a beta of -0.99. The company’s 50 day simple moving average is $16.17 and its two-hundred day simple moving average is $9.46.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results 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, research analysts anticipate that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors have recently modified their holdings of SMMT. Russell Investments Group Ltd. lifted its stake in shares of Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after acquiring an additional 3,579 shares during the period. Fullcircle Wealth LLC acquired a new position in Summit Therapeutics in the 2nd quarter worth $95,000. XTX Topco Ltd acquired a new position in Summit Therapeutics in the 2nd quarter worth $121,000. CIBC Asset Management Inc bought a new position in Summit Therapeutics during the 2nd quarter worth about $154,000. Finally, Virtu Financial LLC raised its stake in shares of Summit Therapeutics by 23.3% in the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after purchasing an additional 3,846 shares during the period. 4.61% of the stock is owned by 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.