Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 9.5% – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price traded up 9.5% on Wednesday . The company traded as high as $20.25 and last traded at $20.26. 575,632 shares were traded during trading, a decline of 77% from the average session volume of 2,483,099 shares. The stock had previously closed at $18.50.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective for the company. StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. HC Wainwright restated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Evercore ISI began coverage on shares of Summit Therapeutics in a research report on Wednesday. They set an “outperform” rating and a $30.00 target price for the company. Finally, Jefferies Financial Group began coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $34.11.

Summit Therapeutics Stock Performance

The firm has a market capitalization of $14.75 billion, a price-to-earnings ratio of -71.45 and a beta of -1.03. The business has a fifty day moving average price of $20.01 and a 200 day moving average price of $19.67.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $0.20 million during the quarter. On average, analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds have recently made changes to their positions in the business. CIBC Asset Management Inc increased its holdings in Summit Therapeutics by 3.8% in the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock valued at $448,000 after purchasing an additional 740 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after buying an additional 900 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Summit Therapeutics by 12.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company’s stock valued at $172,000 after buying an additional 1,044 shares during the period. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics during the 3rd quarter worth approximately $25,000. Finally, Covestor Ltd boosted its holdings in Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares during the period. Hedge funds and other institutional investors 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.