Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMT) shares gapped up before the market opened on Wednesday . The stock had previously closed at $17.97, but opened at $18.86. Summit Therapeutics shares last traded at $18.89, with a volume of 256,642 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have commented on SMMT. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. JMP Securities assumed coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. Stifel Nicolaus lifted their target price 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. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. Finally, Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research report on Wednesday. They set an “overweight” rating and a $30.00 price target on the stock. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $33.33.

Summit Therapeutics Stock Performance

The firm has a market cap of $13.58 billion, a price-to-earnings ratio of -66.35 and a beta of -0.92. The company has a 50 day moving average price of $19.71 and a 200 day moving average price of $14.73.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SMMT. Darwin Wealth Management LLC acquired a new position in shares of Summit Therapeutics in the 3rd quarter worth approximately $25,000. Covestor Ltd lifted its stake in Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after purchasing an additional 1,190 shares in the last quarter. Fred Alger Management LLC acquired a new position in Summit Therapeutics during the third quarter worth $105,000. Willis Investment Counsel purchased a new position in shares of Summit Therapeutics during the third quarter worth $219,000. Finally, Fullcircle Wealth LLC acquired a new stake in shares of Summit Therapeutics in the second quarter valued at $95,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

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.