Summit Therapeutics (NASDAQ:SMMT) Trading 0.8% Higher - Time to Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) traded up 0.8% on Monday . The stock traded as high as $22.17 and last traded at $21.39. 592,087 shares changed hands during trading, a decline of 84% from the average session volume of 3,717,354 shares. The stock had previously closed at $21.21.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SMMT shares. Stifel Nicolaus boosted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Citigroup downgraded shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and upped their price objective for the company from $19.00 to $23.00 in a report on Friday, September 27th. Finally, HC Wainwright reiterated a "buy" rating and issued a $45.00 target price on shares of Summit Therapeutics in a research note on Friday, October 4th.

Summit Therapeutics Trading Down 3.3 %

The business has a fifty day moving average of $18.53 and a 200-day moving average of $10.94. The firm has a market cap of $14.85 billion, a PE ratio of -89.13 and a beta of -0.97.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SMMT. 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 worth $25,000 after buying an additional 3,579 shares in the last quarter. Virtu Financial LLC grew its stake in Summit Therapeutics by 23.3% in the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock worth $84,000 after buying an additional 3,846 shares in the last quarter. Fullcircle Wealth LLC bought a new position in shares of Summit Therapeutics in the 2nd quarter worth $95,000. EntryPoint Capital LLC purchased a new stake in shares of Summit Therapeutics during the 1st quarter valued at $100,000. Finally, XTX Topco Ltd bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth $121,000. Institutional investors own 4.61% of the company's stock.

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.