Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – What’s Next?

Summit Therapeutics Inc. (NASDAQ:SMMT) gapped up prior to trading on Tuesday . The stock had previously closed at $21.56, but opened at $22.39. Summit Therapeutics shares last traded at $22.66, with a volume of 720,294 shares.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SMMT shares. Evercore ISI started coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, April 28th. Jefferies Financial Group set a $44.00 price objective on Summit Therapeutics and gave the stock a “buy” rating in a research note on Friday, April 25th. Finally, Citigroup upgraded Summit Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Summit Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $35.09.

Summit Therapeutics Stock Down 11.3%

The firm has a 50-day moving average of $23.56 and a two-hundred day moving average of $20.90. The company has a market capitalization of $14.54 billion, a PE ratio of -69.93 and a beta of -1.06.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. Equities analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SMMT. Golden State Wealth Management LLC increased its position in shares of Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock valued at $29,000 after buying an additional 751 shares in the last quarter. National Bank of Canada FI purchased a new stake in shares of Summit Therapeutics in the fourth quarter valued at approximately $30,000. CWM LLC increased its position in shares of Summit Therapeutics by 3,455.3% in the first quarter. CWM LLC now owns 1,671 shares of the company’s stock valued at $32,000 after buying an additional 1,624 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position 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. Finally, AlphaQuest LLC purchased a new stake in shares of Summit Therapeutics in the first quarter valued at approximately $49,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

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.