Summit Therapeutics (NASDAQ:SMMT) Trading Up 0.4% - Here's What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price traded up 0.4% on Tuesday . The company traded as high as $20.87 and last traded at $20.58. 299,727 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 3,706,334 shares. The stock had previously closed at $20.50.

Analyst Upgrades and Downgrades

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

Summit Therapeutics Stock Performance

The stock has a market cap of $14.92 billion, a PE ratio of -89.52 and a beta of -0.97. The firm has a 50-day moving average price of $18.72 and a 200-day moving average price of $11.06.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. As a group, sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.27 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. increased its holdings in Summit Therapeutics by 142.2% in the 1st 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. Willis Investment Counsel purchased a new stake in shares of Summit Therapeutics during the 3rd quarter valued at about $219,000. Fullcircle Wealth LLC bought a new stake in shares of Summit Therapeutics in the second quarter worth approximately $95,000. XTX Topco Ltd purchased a new position in shares of Summit Therapeutics during the second quarter valued at approximately $121,000. Finally, Creative Planning lifted its position in Summit Therapeutics by 45.0% during the third quarter. Creative Planning now owns 15,633 shares of the company's stock valued at $342,000 after purchasing an additional 4,851 shares during the period. Institutional investors own 4.61% of the company's stock.

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.