Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 0.5% – Here’s What Happened

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) rose 0.5% during trading on Friday . The company traded as high as $21.93 and last traded at $21.68. Approximately 465,105 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 3,724,447 shares. The stock had previously closed at $21.57.

Analyst Ratings Changes

Several brokerages have recently weighed in on SMMT. Citigroup cut Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Stifel Nicolaus upped their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, HC Wainwright reiterated a “buy” rating and set a $45.00 price target on shares of Summit Therapeutics in a report on Friday, October 4th.

Summit Therapeutics Price Performance

The business has a fifty day moving average of $18.34 and a 200 day moving average of $10.77. The stock has a market capitalization of $14.89 billion, a price-to-earnings ratio of -132.56 and a beta of -0.97.

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

Institutional Trading of Summit Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its position 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 worth $25,000 after buying an additional 3,579 shares during the period. 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 purchasing an additional 3,846 shares during the period. Fullcircle Wealth LLC acquired a new stake in shares of Summit Therapeutics during the second quarter worth about $95,000. EntryPoint Capital LLC purchased a new position in shares of Summit Therapeutics in the first quarter valued at approximately $100,000. Finally, XTX Topco Ltd acquired a new position in shares of Summit Therapeutics in the second quarter valued at approximately $121,000. Institutional investors and hedge funds 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.