Summit Therapeutics (NASDAQ:SMMT) Trading 7% Higher – Should You Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price rose 7% during trading on Wednesday . The company traded as high as $20.12 and last traded at $20.11. Approximately 1,285,506 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 3,421,669 shares. The stock had previously closed at $18.80.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Truist Financial began coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company. The Goldman Sachs Group assumed coverage on Summit Therapeutics in a research report on Friday, February 28th. They set a “buy” rating and a $42.00 price objective for the company. Finally, Evercore ISI initiated coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Summit Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $35.44.

Summit Therapeutics Price Performance

The stock’s 50 day moving average price is $20.45 and its two-hundred day moving average price is $20.00. The firm has a market capitalization of $14.83 billion, a price-to-earnings ratio of -71.82 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million for the quarter. As a group, equities research analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMMT. FMR LLC boosted its position in shares of Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after acquiring an additional 737,692 shares during the period. Griffin Asset Management Inc. boosted its holdings in Summit Therapeutics by 63.3% in the 4th quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock valued at $1,975,000 after purchasing an additional 42,900 shares during the period. SeaCrest Wealth Management LLC bought a new stake in Summit Therapeutics in the 4th quarter valued at $444,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Summit Therapeutics by 12.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company’s stock worth $2,790,000 after purchasing an additional 17,014 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Summit Therapeutics by 252.8% during the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock valued at $3,661,000 after buying an additional 147,003 shares during the last quarter. Institutional investors and hedge funds 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.