Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price shot up 3.3% during trading on Wednesday . The stock traded as high as $18.83 and last traded at $18.76. 302,398 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 1,617,317 shares. The stock had previously closed at $18.16.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on the company. Citigroup lowered Summit Therapeutics from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. HC Wainwright restated a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a "buy" rating and a $31.00 price objective for the company. Truist Financial started coverage on Summit Therapeutics in a report on Wednesday. They set a "buy" rating and a $35.00 price target for the company. Finally, Stifel Nicolaus raised their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $33.57.
View Our Latest Report on SMMT
Summit Therapeutics Stock Performance
The firm has a market capitalization of $13.88 billion, a PE ratio of -67.21 and a beta of -0.87. The firm's 50-day moving average is $18.82 and its 200 day moving average is $16.36.
Institutional Trading of Summit Therapeutics
A number of institutional investors and hedge funds have recently made changes to their positions in SMMT. Principal Financial Group Inc. grew its stake in Summit Therapeutics by 131.9% during the second quarter. Principal Financial Group Inc. now owns 36,133 shares of the company's stock worth $282,000 after buying an additional 20,553 shares during the period. CIBC Asset Management Inc acquired a new stake in Summit Therapeutics in the 2nd quarter valued at $154,000. TD Asset Management Inc acquired a new stake in Summit Therapeutics in the 2nd quarter valued at $2,081,000. Sargent Investment Group LLC raised its position in Summit Therapeutics by 620.0% in the second quarter. Sargent Investment Group LLC now owns 72,000 shares of the company's stock valued at $562,000 after purchasing an additional 62,000 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Summit Therapeutics during the second quarter worth about $121,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.
About Summit Therapeutics
(
Get Free Report)
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.
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