Summit Therapeutics (NASDAQ:SMMT) Trading 12.1% Higher – Here’s What Happened

Summit Therapeutics PLC (NASDAQ:SMMT) was up 12.1% on Wednesday . The stock traded as high as $17.26 and last traded at $17.4210. Approximately 1,201,068 shares were traded during trading, a decline of 54% from the average daily volume of 2,593,409 shares. The stock had previously closed at $15.54.

Analysts Set New Price Targets

SMMT has been the subject of several recent analyst reports. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Thursday, January 22nd. Citigroup reaffirmed a “buy” rating on shares of Summit Therapeutics in a research report on Tuesday, February 24th. Jefferies Financial Group downgraded Summit Therapeutics from a “buy” rating to a “hold” rating and lowered their price target for the company from $42.00 to $15.00 in a report on Monday, March 16th. Finally, Barclays upgraded shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $16.00 to $18.00 in a research note on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.83.

Summit Therapeutics Price Performance

The firm has a market capitalization of $13.58 billion, a P/E ratio of -12.08 and a beta of -1.43. The business has a 50 day moving average price of $15.72 and a 200 day moving average price of $17.73.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.07). As a group, equities analysts expect that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of SMMT. Hsbc Holdings PLC acquired a new position in Summit Therapeutics during the 4th quarter valued at $1,723,000. T. Rowe Price Investment Management Inc. increased its holdings in shares of Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after purchasing an additional 1,805 shares during the period. Invesco Ltd. increased its holdings in shares of Summit Therapeutics by 8.3% during the 4th quarter. Invesco Ltd. now owns 461,301 shares of the company’s stock worth $8,068,000 after purchasing an additional 35,226 shares during the period. Beacon Pointe Advisors LLC raised its position in shares of Summit Therapeutics by 10.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 39,611 shares of the company’s stock valued at $693,000 after buying an additional 3,885 shares during the last quarter. Finally, Virtus Investment Advisers LLC lifted its stake in shares of Summit Therapeutics by 168.3% in the fourth quarter. Virtus Investment Advisers LLC now owns 15,141 shares of the company’s stock valued at $265,000 after buying an additional 9,497 shares during the period. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

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.