Summit Therapeutics (NASDAQ:SMMT) Shares Up 6.3% – Here’s Why

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) shot up 6.3% on Friday . The company traded as high as $19.70 and last traded at $19.66. 647,708 shares were traded during trading, a decline of 74% from the average session volume of 2,446,381 shares. The stock had previously closed at $18.49.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SMMT. HC Wainwright reissued a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Jefferies Financial Group began coverage on Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 target price on the stock. Truist Financial began coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price on the stock. The Goldman Sachs Group began coverage on Summit Therapeutics in a report on Friday. They issued a “buy” rating and a $42.00 price objective on the stock. Finally, Wells Fargo & Company began coverage on Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.63.

Summit Therapeutics Stock Performance

The business has a fifty day simple moving average of $19.99 and a 200 day simple moving average of $19.31. The stock has a market capitalization of $15.26 billion, a price-to-earnings ratio of -73.89 and a beta of -0.88.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $0.20 million for the quarter. On average, sell-side analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

Institutional investors have recently modified their holdings of the stock. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter valued at $25,000. Covestor Ltd lifted its position in shares of Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after acquiring an additional 1,190 shares during the period. Brooklyn Investment Group bought a new stake in shares of Summit Therapeutics during the 4th quarter valued at $29,000. National Bank of Canada FI bought a new stake in shares of Summit Therapeutics during the 4th quarter valued at $30,000. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after acquiring an additional 900 shares during the period. 4.61% of the stock is currently owned by institutional investors.

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.