Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 3.3% – What’s Next?

Summit Therapeutics Inc. (NASDAQ:SMMT) was up 3.3% during trading on Wednesday . The company traded as high as $18.83 and last traded at $18.76. Approximately 302,398 shares traded hands during trading, a decline of 81% from the average daily volume of 1,617,317 shares. The stock had previously closed at $18.16.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SMMT. HC Wainwright reissued a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, November 18th. JMP Securities initiated coverage on Summit Therapeutics in a report 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 Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Jefferies Financial Group started coverage on Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 price target for the company. Finally, Citigroup cut Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Stock Performance

The firm has a market cap of $13.64 billion, a P/E ratio of -66.03 and a beta of -0.87. The firm has a fifty day moving average of $18.82 and a 200-day moving average of $16.36.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SMMT. Principal Financial Group Inc. raised its holdings in shares of Summit Therapeutics by 131.9% during the second quarter. Principal Financial Group Inc. now owns 36,133 shares of the company’s stock valued at $282,000 after buying an additional 20,553 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in shares of Summit Therapeutics in the second quarter valued at $154,000. TD Asset Management Inc bought a new position in shares of Summit Therapeutics during the 2nd quarter valued at about $2,081,000. Sargent Investment Group LLC grew its position in Summit Therapeutics by 620.0% in the second quarter. Sargent Investment Group LLC now owns 72,000 shares of the company’s stock worth $562,000 after buying an additional 62,000 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Summit Therapeutics during the second quarter worth $121,000. 4.61% of the stock is owned by institutional investors and hedge funds.

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.