Summit Therapeutics (NASDAQ:SMMT) Stock Jumps 6.1% – Should You Buy?

Summit Therapeutics PLC (NASDAQ:SMMT) rose 6.1% during trading on Monday. The company traded as high as $15.42 and last traded at $15.5240. 1,062,067 shares traded hands during trading, a decline of 77% from the average session volume of 4,608,005 shares. The stock had previously closed at $14.63.

Analysts Set New Price Targets

Several research firms recently weighed in on SMMT. Summit Redstone set a $25.00 target price on Summit Therapeutics in a report on Wednesday, September 9th. Wall Street Zen upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, September 5th. Barclays lifted their price target on shares of Summit Therapeutics from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Thursday, October 1st. Leerink Partners upgraded shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $12.00 to $13.00 in a research note on Wednesday, August 12th. Finally, Citigroup reaffirmed a “buy” rating and set a $43.00 price objective (up from $40.00) on shares of Summit Therapeutics in a report on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $28.61.

Summit Therapeutics Stock Performance

The company has a market cap of $12.87 billion, a P/E ratio of -14.37 and a beta of -1.51. The stock has a 50-day simple moving average of $15.79 and a 200 day simple moving average of $16.32.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Sell-side analysts anticipate that Summit Therapeutics PLC will post -1.20 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in Summit Therapeutics during the 2nd quarter valued at about $138,838,000. Bank of America Corp DE acquired a new position in Summit Therapeutics in the second quarter valued at about $12,603,000. The Manufacturers Life Insurance Company grew its stake in Summit Therapeutics by 34.4% during the first quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company’s stock worth $11,240,000 after buying an additional 151,857 shares during the last quarter. Elmind Capital LP bought a new stake in Summit Therapeutics during the second quarter worth about $7,194,957. Finally, Wellington Management Group LLP grew its stake in Summit Therapeutics by 21.8% during the second quarter. Wellington Management Group LLP now owns 441,934 shares of the company’s stock worth $6,439,000 after buying an additional 79,076 shares during the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

About Summit Therapeutics

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.