Summit Therapeutics (NASDAQ:SMMT) Sees Strong Trading Volume on Analyst Upgrade

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) saw an uptick in trading volume on Tuesday after Citigroup raised their price target on the stock from $13.00 to $19.00. Citigroup currently has a buy rating on the stock. 2,234,124 shares changed hands during trading, a decline of 28% from the previous session's volume of 3,107,460 shares.The stock last traded at $18.10 and had previously closed at $19.14.

A number of other brokerages have also recently issued reports on SMMT. HC Wainwright upped their price objective on Summit Therapeutics from $16.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday. Stifel Nicolaus upped their price objective on Summit Therapeutics from $14.00 to $25.00 and gave the stock a "buy" rating in a research note on Monday.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Aristides Capital LLC acquired a new position in Summit Therapeutics in the 4th quarter valued at $210,000. Sectoral Asset Management Inc. grew its holdings in Summit Therapeutics by 50.0% in the 4th quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company's stock valued at $78,000 after buying an additional 10,000 shares in the last quarter. Wealth Management Partners LLC grew its holdings in Summit Therapeutics by 193.3% in the 1st quarter. Wealth Management Partners LLC now owns 44,000 shares of the company's stock valued at $182,000 after buying an additional 29,000 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Summit Therapeutics by 66.3% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company's stock valued at $558,000 after buying an additional 53,774 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Summit Therapeutics by 131.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company's stock valued at $168,000 after buying an additional 22,977 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Stock Performance

The business has a fifty day simple moving average of $10.80 and a 200 day simple moving average of $7.11. The stock has a market capitalization of $16.64 billion, a price-to-earnings ratio of -113.13 and a beta of -0.99.

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

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.