Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 6% – What’s Next?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) were up 6% on Monday . The company traded as high as $21.60 and last traded at $21.31. Approximately 258,084 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 2,234,456 shares. The stock had previously closed at $20.11.

Analysts Set New Price Targets

Several brokerages recently issued reports on SMMT. Truist Financial initiated coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. JMP Securities assumed coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price for the company. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target on the stock. 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 objective for the company. Finally, HC Wainwright reissued a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, January 21st. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Stock Down 6.9 %

The company has a market cap of $14.07 billion, a P/E ratio of -68.14 and a beta of -0.88. The company’s 50-day moving average is $19.37 and its two-hundred day moving average is $18.45.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Baker BROS. Advisors LP lifted its stake in Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares during the last quarter. abrdn plc bought a new stake in shares of Summit Therapeutics in the third quarter valued at $24,885,000. FMR LLC lifted its position in shares of Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after buying an additional 737,692 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after buying an additional 724,040 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Summit Therapeutics by 53.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after acquiring an additional 497,984 shares during the period. 4.61% of the stock is 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.