Summit Therapeutics (NASDAQ:SMMT) Shares Up 3%

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price was up 3% on Tuesday . The stock traded as high as $12.92 and last traded at $12.62. Approximately 919,896 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 2,934,672 shares. The stock had previously closed at $12.25.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SMMT shares. Citigroup increased their price objective on shares of Summit Therapeutics from $7.00 to $13.00 and gave the company a “buy” rating in a report on Friday, May 31st. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Monday, June 3rd. Finally, HC Wainwright assumed coverage on shares of Summit Therapeutics in a research note on Monday, August 12th. They set a “buy” rating and a $16.00 price objective on the stock.

Summit Therapeutics Stock Performance

The firm’s 50 day moving average is $9.19 and its 200-day moving average is $6.17. The company has a market cap of $8.64 billion, a PE ratio of -75.13 and a beta of -0.97.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds have recently added to or reduced their stakes in SMMT. Russell Investments Group Ltd. grew its position in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after purchasing an additional 3,579 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Summit Therapeutics by 212.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock worth $55,000 after buying an additional 14,384 shares in the last quarter. Sectoral Asset Management Inc. grew its holdings in shares of Summit Therapeutics by 50.0% during the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after buying an additional 10,000 shares in the last quarter. Virtu Financial LLC grew its holdings in Summit Therapeutics by 23.3% in the first 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. Finally, Fullcircle Wealth LLC purchased a new stake in Summit Therapeutics in the second quarter valued at approximately $95,000. 4.61% of the stock is currently 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.