Summit Therapeutics (NASDAQ:SMMT) Trading Up 6.8% – Time to Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) was up 6.8% during mid-day trading on Thursday . The stock traded as high as $22.96 and last traded at $23.07. Approximately 2,353,404 shares changed hands during mid-day trading, an increase of 4% from the average daily volume of 2,263,370 shares. The stock had previously closed at $21.60.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on SMMT shares. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 target price on the stock. JMP Securities started coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, January 21st. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective for the company. Finally, Truist Financial assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective for the company. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Summit Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Trading Up 6.8 %

The company’s 50 day moving average is $19.72 and its 200-day moving average is $18.84. The company has a market capitalization of $17.01 billion, a P/E ratio of -82.35 and a beta of -0.88.

Institutional Trading of Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the company. GF Fund Management CO. LTD. bought a new stake in Summit Therapeutics during the 4th quarter valued at about $302,000. Neo Ivy Capital Management bought a new stake in Summit Therapeutics during the 4th quarter valued at about $3,739,000. Tema Etfs LLC bought a new stake in Summit Therapeutics during the 4th quarter valued at about $475,000. Toronto Dominion Bank purchased a new stake in shares of Summit Therapeutics during the 4th quarter valued at about $446,000. Finally, Rafferty Asset Management LLC boosted its holdings in shares of Summit Therapeutics by 187.8% during the 4th quarter. Rafferty Asset Management LLC now owns 311,692 shares of the company’s stock valued at $5,562,000 after acquiring an additional 203,377 shares during the last quarter. 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.