Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up - What's Next?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $20.24, but opened at $21.45. Summit Therapeutics shares last traded at $19.72, with a volume of 847,116 shares changing hands.

Analysts Set New Price Targets

SMMT has been the subject of several recent analyst reports. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and upped their target price for the company from $23.00 to $35.00 in a research note on Wednesday. Cantor Fitzgerald initiated coverage on Summit Therapeutics in a report on Friday, March 21st. They issued an "overweight" rating for the company. Jefferies Financial Group began coverage on Summit Therapeutics in a research report on Friday, December 6th. They issued a "buy" rating and a $31.00 price objective for the company. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They issued a "buy" rating and a $42.00 price target for the company. Finally, Truist Financial started coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 target price for the company. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.44.

Summit Therapeutics Stock Performance

The stock has a fifty day simple moving average of $20.51 and a two-hundred day simple moving average of $20.17. The stock has a market capitalization of $14.99 billion, a price-to-earnings ratio of -72.57 and a beta of -1.04.

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Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The company had revenue of $0.20 million during the quarter. Research analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baker BROS. Advisors LP raised its holdings in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock valued at $534,905,000 after acquiring an additional 1,202,643 shares during the period. Vanguard Group Inc. lifted its holdings in Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after purchasing an additional 724,040 shares in the last quarter. FMR LLC boosted its stake in Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company's stock worth $181,838,000 after purchasing an additional 737,692 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Summit Therapeutics by 20.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock valued at $116,995,000 after buying an additional 1,118,270 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock valued at $57,133,000 after buying an additional 101,039 shares during the period. 4.61% of the stock is currently owned by 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.