Summit Therapeutics (NASDAQ:SMMT) Shares Up 6.3% – Here’s Why

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) were up 6.3% on Friday . The stock traded as high as $19.70 and last traded at $19.66. Approximately 647,708 shares traded hands during trading, a decline of 74% from the average daily volume of 2,446,381 shares. The stock had previously closed at $18.49.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SMMT shares. The Goldman Sachs Group started coverage on Summit Therapeutics in a research report on Friday. They set a “buy” rating and a $42.00 price objective for the company. JMP Securities started coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective for the company. Truist Financial started coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective for the company. Jefferies Financial Group started coverage on Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.63.

Summit Therapeutics Price Performance

The stock has a market capitalization of $15.26 billion, a P/E ratio of -73.89 and a beta of -0.88. The firm has a 50-day simple moving average of $19.99 and a 200 day simple moving average of $19.31.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The company had revenue of $0.20 million during the quarter. Sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Jefferies Financial Group Inc. acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at about $803,000. GF Fund Management CO. LTD. acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at about $302,000. Neo Ivy Capital Management acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at about $3,739,000. Tema Etfs LLC acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at about $475,000. Finally, Toronto Dominion Bank acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at about $446,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.