Summit Therapeutics (NASDAQ:SMMT) Shares Up 5.4% - Still a Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price was up 5.4% during mid-day trading on Wednesday . The stock traded as high as $23.14 and last traded at $23.03. Approximately 1,077,737 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 3,723,551 shares. The stock had previously closed at $21.84.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Stifel Nicolaus lifted their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. Citigroup lowered shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, HC Wainwright restated a "buy" rating and set a $45.00 target price on shares of Summit Therapeutics in a research report on Friday, October 4th.

Summit Therapeutics Trading Up 7.4 %

The business has a 50 day simple moving average of $17.63 and a 200-day simple moving average of $10.44. The stock has a market capitalization of $16.47 billion, a price-to-earnings ratio of -143.94 and a beta of -0.97.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. grew its position in Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock valued at $25,000 after acquiring an additional 3,579 shares during the period. Willis Investment Counsel purchased a new stake in shares of Summit Therapeutics during the 3rd quarter worth about $219,000. Fullcircle Wealth LLC acquired a new stake in Summit Therapeutics during the 2nd quarter worth approximately $95,000. XTX Topco Ltd purchased a new position in Summit Therapeutics in the second quarter valued at approximately $121,000. Finally, Creative Planning raised its holdings in Summit Therapeutics by 45.0% in the third quarter. Creative Planning now owns 15,633 shares of the company's stock valued at $342,000 after buying an additional 4,851 shares during the period. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.