Summit Therapeutics (NASDAQ:SMMT) Trading Up 4.2%

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price was up 4.2% during mid-day trading on Friday . The stock traded as high as $24.25 and last traded at $24.13. Approximately 1,434,569 shares were traded during trading, a decline of 60% from the average daily volume of 3,624,440 shares. The stock had previously closed at $23.16.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. HC Wainwright raised their target price on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a "buy" rating in a report on Monday. Citigroup increased their price target on shares of Summit Therapeutics from $13.00 to $19.00 and gave the company a "buy" rating in a research report on Monday, September 9th. Finally, Stifel Nicolaus lifted their price objective on Summit Therapeutics from $14.00 to $25.00 and gave the stock a "buy" rating in a research report on Monday, September 9th.

Summit Therapeutics Stock Performance

The company has a market capitalization of $17.67 billion, a PE ratio of -152.56 and a beta of -0.99. The stock's fifty day simple moving average is $13.75 and its 200-day simple moving average is $8.27.

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 (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. On average, equities analysts anticipate that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. raised its stake in Summit Therapeutics by 131.3% during the first 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 during the period. Vanguard Group Inc. increased its holdings in shares of Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company's stock worth $30,095,000 after buying an additional 254,261 shares during the last quarter. Sargent Investment Group LLC raised its position in shares of Summit Therapeutics by 620.0% in the 2nd quarter. Sargent Investment Group LLC now owns 72,000 shares of the company's stock worth $562,000 after buying an additional 62,000 shares during the period. Principal Financial Group Inc. boosted its holdings in Summit Therapeutics by 131.9% in the second quarter. Principal Financial Group Inc. now owns 36,133 shares of the company's stock valued at $282,000 after acquiring an additional 20,553 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Summit Therapeutics by 18.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company's stock valued at $138,000 after purchasing an additional 5,139 shares in the last quarter. 4.61% of the stock is currently 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.