Summit Therapeutics (NASDAQ:SMMT) Trading Up 6.8% – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price was up 6.8% on Thursday . The company traded as high as $18.17 and last traded at $18.14. 252,867 shares were traded during trading, a decline of 93% from the average daily volume of 3,418,233 shares. The stock had previously closed at $16.98.

Analysts Set New Price Targets

Several brokerages recently commented on SMMT. Wells Fargo & Company started coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. Stifel Nicolaus increased their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $33.33.

Summit Therapeutics Stock Down 2.9 %

The company has a market capitalization of $13.18 billion, a P/E ratio of -63.82 and a beta of -0.92. The firm’s 50-day moving average price is $19.51 and its 200 day moving average price is $15.37.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC purchased a new position in shares of Summit Therapeutics during the second quarter valued at approximately $15,154,000. Baker BROS. Advisors LP lifted its stake in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after acquiring an additional 1,202,643 shares in the last quarter. abrdn plc purchased a new position in Summit Therapeutics during the 3rd quarter worth $24,885,000. FMR LLC grew its stake in shares of Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after acquiring an additional 737,692 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after purchasing an additional 497,984 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.