Summit Therapeutics (NASDAQ:SMMT) Trading 5.4% Higher – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMT) traded up 5.4% during trading on Thursday . The company traded as high as $24.28 and last traded at $24.29. 649,392 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 3,565,379 shares. The stock had previously closed at $23.05.

Analyst Ratings Changes

Several brokerages recently commented on SMMT. HC Wainwright reiterated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Citigroup upgraded Summit Therapeutics from a “neutral” rating to a “buy” rating and increased their price target for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. Summit Redstone set a $35.00 target price on Summit Therapeutics in a report on Wednesday, March 26th. Cantor Fitzgerald started coverage on shares of Summit Therapeutics in a research report on Friday, March 21st. They set an “overweight” rating for the company. Finally, StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $35.40.

Summit Therapeutics Stock Performance

The firm has a market capitalization of $17.83 billion, a P/E ratio of -86.16 and a beta of -0.46. The firm has a 50 day simple moving average of $19.94 and a two-hundred day simple moving average of $19.73.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. Sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

Large investors have recently bought and sold shares of the company. Brooklyn Investment Group purchased a new stake in Summit Therapeutics in the 4th quarter worth about $29,000. National Bank of Canada FI purchased a new position in shares of Summit Therapeutics in the fourth quarter worth about $30,000. Steward Partners Investment Advisory LLC raised 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 purchasing an additional 900 shares during the period. Fifth Third Bancorp lifted its stake in shares of Summit Therapeutics by 1,400.0% during the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company’s stock valued at $58,000 after buying an additional 2,800 shares in the last quarter. Finally, Rakuten Securities Inc. bought a new position in Summit Therapeutics in the 4th quarter worth approximately $71,000. 4.61% of the stock is 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.