Summit Therapeutics (NASDAQ:SMMT) Shares Up 3.3%

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price rose 3.3% during mid-day trading on Monday . The stock traded as high as $21.78 and last traded at $21.58. Approximately 868,918 shares were traded during trading, a decline of 77% from the average daily volume of 3,738,504 shares. The stock had previously closed at $20.89.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Stifel Nicolaus boosted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, HC Wainwright increased their target price on Summit Therapeutics from $30.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, September 16th.

Summit Therapeutics Price Performance

The stock has a market cap of $14.15 billion, a price-to-earnings ratio of -120.31 and a beta of -0.99. The firm’s 50-day moving average is $15.82 and its 200 day moving average is $9.32.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. On average, sell-side analysts forecast that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. grew 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 in the last quarter. Fullcircle Wealth LLC bought a new position in Summit Therapeutics during the 2nd quarter worth $95,000. XTX Topco Ltd bought a new stake in Summit Therapeutics in the second quarter valued at $121,000. CIBC Asset Management Inc acquired a new position in shares of Summit Therapeutics during the second quarter valued at $154,000. Finally, Virtu Financial LLC grew its position in shares of 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. 4.61% of the stock is owned by institutional investors and hedge funds.

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.