Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up to $22.70

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $22.70, but opened at $24.69. Summit Therapeutics shares last traded at $26.57, with a volume of 4,030,258 shares changing hands.

Analysts Set New Price Targets

SMMT has been the subject of a number of analyst reports. HC Wainwright lifted their target price on shares of Summit Therapeutics from $16.00 to $30.00 and gave the stock a "buy" rating in a report on Monday. Citigroup lifted their price objective on Summit Therapeutics from $13.00 to $19.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Stifel Nicolaus increased their target price on Summit Therapeutics from $14.00 to $25.00 and gave the company a "buy" rating in a research note on Monday.

Summit Therapeutics Stock Up 20.7 %

The company's fifty day simple moving average is $11.42 and its two-hundred day simple moving average is $7.35. The company has a market capitalization of $19.24 billion, a price-to-earnings ratio of -171.31 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. Equities research analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Aristides Capital LLC acquired a new stake in Summit Therapeutics during the 4th quarter worth approximately $210,000. Sectoral Asset Management Inc. raised its holdings in shares of Summit Therapeutics by 50.0% during the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company's stock worth $78,000 after acquiring an additional 10,000 shares during the period. Wealth Management Partners LLC lifted its position in Summit Therapeutics by 193.3% in the 1st quarter. Wealth Management Partners LLC now owns 44,000 shares of the company's stock valued at $182,000 after acquiring an additional 29,000 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Summit Therapeutics by 66.3% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company's stock worth $558,000 after purchasing an additional 53,774 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Summit Therapeutics by 131.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company's stock worth $168,000 after purchasing an additional 22,977 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.