Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Time to Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) gapped up before the market opened on Wednesday . The stock had previously closed at $20.24, but opened at $21.45. Summit Therapeutics shares last traded at $19.72, with a volume of 847,116 shares.

Analyst Ratings Changes

Several brokerages have issued reports on SMMT. Evercore ISI assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective on the stock. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Wells Fargo & Company assumed coverage on Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective on the stock. Citigroup raised Summit Therapeutics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $23.00 to $35.00 in a research note on Wednesday. Finally, Jefferies Financial Group initiated coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Summit Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $35.44.

Summit Therapeutics Price Performance

The firm has a market cap of $14.66 billion, a PE ratio of -71.03 and a beta of -1.04. The business has a 50-day moving average price of $20.41 and a two-hundred day moving average price of $20.18.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. Equities analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Baker BROS. Advisors LP grew its holdings in shares of Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after buying an additional 1,202,643 shares in the last quarter. Cerity Partners LLC acquired a new position in Summit Therapeutics in the third quarter valued at $2,178,000. FMR LLC increased its stake in Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after purchasing an additional 737,692 shares during the last quarter. Griffin Asset Management Inc. lifted its position in Summit Therapeutics by 63.3% during the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock worth $1,975,000 after buying an additional 42,900 shares during the period. Finally, SeaCrest Wealth Management LLC acquired a new stake in Summit Therapeutics in the 4th quarter worth about $444,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

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.