Summit Therapeutics (NASDAQ:SMMT) Trading Up 6.8% – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price was up 6.8% on Thursday . The stock traded as high as $22.96 and last traded at $23.07. Approximately 2,353,404 shares changed hands during trading, an increase of 4% from the average daily volume of 2,263,370 shares. The stock had previously closed at $21.60.

Analyst Ratings Changes

Several equities analysts have weighed in on SMMT shares. JMP Securities started coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target on the stock. Truist Financial started coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target on the stock. Wells Fargo & Company began coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target on the stock. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, January 21st. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Price Performance

The firm’s 50-day moving average is $19.72 and its two-hundred day moving average is $18.84. The company has a market cap of $17.01 billion, a P/E ratio of -82.35 and a beta of -0.88.

Institutional Investors Weigh In On Summit Therapeutics

Several large investors have recently bought and sold shares of SMMT. Baker BROS. Advisors LP increased its position in 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 purchasing an additional 1,202,643 shares during the last quarter. abrdn plc bought a new position in Summit Therapeutics during the third quarter valued at $24,885,000. Price T Rowe Associates Inc. MD increased its position in Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock valued at $116,995,000 after acquiring an additional 1,118,270 shares during the last quarter. FMR LLC increased its position in Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after acquiring an additional 737,692 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after acquiring an additional 724,040 shares during the last quarter. 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.