Summit Therapeutics (NASDAQ:SMMT) Trading 6.9% Higher

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price was up 6.9% during trading on Monday . The company traded as high as $9.14 and last traded at $9.14. Approximately 612,360 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 3,126,183 shares. The stock had previously closed at $8.55.

Analyst Ratings Changes

A number of analysts have commented on the stock. Citigroup boosted their price target on shares of Summit Therapeutics from $7.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Stifel Nicolaus upped their target price on shares of Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, June 3rd.

Summit Therapeutics Price Performance

The company has a current ratio of 6.97, a quick ratio of 6.97 and a debt-to-equity ratio of 2.26. The firm has a market capitalization of $6.65 billion, a PE ratio of -57.13 and a beta of -0.97. The business has a 50-day moving average of $6.67 and a 200 day moving average of $4.87.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. As a group, research analysts anticipate that Summit Therapeutics Inc. will post -0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors have recently modified their holdings of the business. Virtu Financial LLC grew its stake in Summit Therapeutics by 23.3% in the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after purchasing an additional 3,846 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Summit Therapeutics by 18.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock valued at $138,000 after acquiring an additional 5,139 shares during the last quarter. Alpine Global Management LLC grew its position in shares of Summit Therapeutics by 16.7% during the 1st quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock valued at $145,000 after acquiring an additional 5,000 shares during the period. EntryPoint Capital LLC purchased a new stake in shares of Summit Therapeutics during the 1st quarter worth approximately $100,000. Finally, Vanguard Group Inc. lifted its stake in Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after purchasing an additional 254,261 shares during the last quarter. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Company Profile

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.