Summit Therapeutics (NASDAQ:SMMT) Trading Up 6.5% – What’s Next?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) shot up 6.5% on Friday . The stock traded as high as $19.34 and last traded at $19.37. 1,595,793 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 2,329,394 shares. The stock had previously closed at $18.19.

Analysts Set New Price Targets

SMMT has been the subject of several research reports. Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research note on Monday, November 18th. Citigroup cut Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Wells Fargo & Company started coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective for the company. Finally, JMP Securities initiated coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Trading Up 4.6 %

The business has a fifty day moving average price of $18.53 and a 200-day moving average price of $16.88.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Baker BROS. Advisors LP boosted its holdings in shares of Summit Therapeutics by 5.2% in 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 during the last quarter. FMR LLC boosted its stake in shares of Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after acquiring an additional 737,692 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Summit Therapeutics by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock worth $67,899,000 after purchasing an additional 135,981 shares in the last quarter. Millennium Management LLC bought a new position in Summit Therapeutics in the 2nd quarter worth $15,154,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Summit Therapeutics by 53.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after purchasing an additional 497,984 shares during the period. 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.