Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price 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 traded.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Evercore ISI assumed coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price target for the company. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Citigroup upgraded shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $23.00 to $35.00 in a research report on Wednesday. Finally, The Goldman Sachs Group began coverage on Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 target price on the stock. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.44.

Summit Therapeutics Stock Performance

The stock has a market cap of $15.20 billion, a P/E ratio of -73.57 and a beta of -1.04. The stock has a fifty day simple moving average of $20.49 and a 200-day simple moving average 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, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. On average, research analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

Institutional investors have recently made changes to their positions in the business. Brooklyn Investment Group acquired a new stake in Summit Therapeutics in the 4th quarter valued at $29,000. National Bank of Canada FI bought a new stake in Summit Therapeutics during the fourth quarter worth about $30,000. Steward Partners Investment Advisory LLC boosted its position in Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after purchasing an additional 900 shares during the last quarter. Rakuten Securities Inc. acquired a new position in Summit Therapeutics during the fourth quarter valued at approximately $71,000. Finally, Fred Alger Management LLC bought a new position in Summit Therapeutics in the third quarter valued at approximately $105,000. 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.