Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 3.3% – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMT) rose 3.3% during trading on Wednesday . The stock traded as high as $18.83 and last traded at $18.76. Approximately 302,398 shares were traded during trading, a decline of 81% from the average daily volume of 1,617,317 shares. The stock had previously closed at $18.16.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Truist Financial started coverage on shares of Summit Therapeutics in a report on Wednesday. They issued a “buy” rating and a $35.00 price target for the company. Citigroup lowered 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 note on Friday, September 27th. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th. Wells Fargo & Company began coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. Finally, Jefferies Financial Group assumed coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price target for the company. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Stock Performance

The business has a 50-day moving average of $18.83 and a 200 day moving average of $16.39. The stock has a market cap of $13.16 billion, a PE ratio of -63.75 and a beta of -0.87.

Institutional Trading of Summit Therapeutics

A number of hedge funds have recently bought and sold shares of the company. Darwin Wealth Management LLC acquired a new position in shares of Summit Therapeutics in the 3rd quarter valued at $25,000. Covestor Ltd increased its stake in Summit Therapeutics by 2,767.4% during the third 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 last quarter. Fred Alger Management LLC purchased a new stake in shares of Summit Therapeutics during the 3rd quarter worth about $105,000. XTX Topco Ltd acquired a new stake in Summit Therapeutics during the 2nd quarter worth approximately $121,000. Finally, Willis Investment Counsel purchased a new position in Summit Therapeutics in the third quarter valued at approximately $219,000. Institutional investors and hedge funds 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.