Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 9.4%

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price shot up 9.4% during trading on Friday . The company traded as high as $30.25 and last traded at $29.99. 2,898,100 shares traded hands during mid-day trading, a decline of 14% from the average session volume of 3,364,609 shares. The stock had previously closed at $27.41.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SMMT. HC Wainwright raised their price objective on shares of Summit Therapeutics from $16.00 to $30.00 and gave the stock a "buy" rating in a report on Monday. Stifel Nicolaus increased their price target on shares of Summit Therapeutics from $14.00 to $25.00 and gave the company a "buy" rating in a research note on Monday. Finally, Citigroup boosted their price objective on shares of Summit Therapeutics from $13.00 to $19.00 and gave the stock a "buy" rating in a research report on Monday.

Summit Therapeutics Stock Performance

The company has a market capitalization of $23.13 billion, a price-to-earnings ratio of -199.56 and a beta of -0.99. The business's 50-day simple moving average is $11.83 and its 200-day simple moving average is $7.49.

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

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Summit Therapeutics by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company's stock valued at $30,095,000 after buying an additional 254,261 shares in the last quarter. Millennium Management LLC acquired a new position in Summit Therapeutics in the second quarter valued at about $15,154,000. TD Asset Management Inc bought a new stake in shares of Summit Therapeutics in the second quarter worth about $2,081,000. The Manufacturers Life Insurance Company raised its position in shares of Summit Therapeutics by 167.2% during the second quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company's stock worth $1,607,000 after purchasing an additional 128,934 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Summit Therapeutics by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company's stock valued at $558,000 after purchasing an additional 53,774 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.