Summit Therapeutics (NASDAQ:SMMT) Shares Climb 10.5% – Should You Buy?

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price rose 10.5% during mid-day trading on Tuesday. The stock traded as high as $16.31 and last traded at $16.3510. 3,563,857 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 4,617,350 shares. The stock had previously closed at $14.80.

Analyst Ratings Changes

SMMT has been the subject of several analyst reports. Citigroup reissued a “market outperform” rating on shares of Summit Therapeutics in a research note on Tuesday, October 27th. Guggenheim reiterated a “buy” rating on shares of Summit Therapeutics in a report on Wednesday, August 26th. Barclays boosted their price objective 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. Summit Redstone set a $25.00 target price on shares of Summit Therapeutics in a research report on Wednesday, September 9th. Finally, Morgan Stanley cut shares of Summit Therapeutics to an “outperform” rating in a research note on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.61.

Summit Therapeutics Stock Up 10.8%

The company has a market cap of $13.12 billion, a PE ratio of -14.54 and a beta of -1.49. The stock’s 50 day simple moving average is $16.09 and its two-hundred day simple moving average is $16.17.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds have recently made changes to their positions in SMMT. BlackRock Inc. purchased a new stake in shares of Summit Therapeutics in the second quarter worth about $138,838,000. Bank of America Corp DE acquired a new stake in Summit Therapeutics in the second quarter valued at approximately $12,603,000. The Manufacturers Life Insurance Company raised its stake in shares of Summit Therapeutics by 34.4% during the first quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company’s stock valued at $11,240,000 after purchasing an additional 151,857 shares during the period. Simplify Asset Management Inc. purchased a new stake in shares of Summit Therapeutics during the third quarter valued at approximately $8,626,000. Finally, Elmind Capital LP acquired a new position in shares of Summit Therapeutics during the second quarter worth $7,194,957. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.