Summit Therapeutics (NASDAQ:SMMT) Sees Strong Trading Volume – Time to Buy?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) saw strong trading volume on Monday . 6,181,996 shares traded hands during trading, an increase of 84% from the previous session’s volume of 3,353,027 shares.The stock last traded at $15.5150 and had previously closed at $17.54.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, May 18th. Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Sanford C. Bernstein assumed coverage on shares of Summit Therapeutics in a report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 price target for the company. Stifel Nicolaus assumed coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 price target for the company. Finally, Citigroup assumed coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $26.05.

Summit Therapeutics Stock Performance

The firm has a market cap of $12.84 billion, a price-to-earnings ratio of -10.34 and a beta of -1.32. The stock’s 50 day simple moving average is $19.06 and its 200-day simple moving average is $17.57.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. On average, analysts expect that Summit Therapeutics PLC will post -1.17 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ball & Co Wealth Management Inc. acquired a new stake in Summit Therapeutics during the first quarter valued at $28,000. Kestra Advisory Services LLC acquired a new stake in Summit Therapeutics during the fourth quarter valued at $28,000. T. Rowe Price Investment Management Inc. grew its position in Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after buying an additional 1,805 shares during the period. Parallel Advisors LLC acquired a new stake in Summit Therapeutics during the third quarter valued at $39,000. Finally, Truvestments Capital LLC grew its position in Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after buying an additional 1,736 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.