Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 6.3% - Should You Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) was up 6.3% during mid-day trading on Friday . The stock traded as high as $19.70 and last traded at $19.66. Approximately 647,708 shares changed hands during trading, a decline of 74% from the average daily volume of 2,446,381 shares. The stock had previously closed at $18.49.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 price objective for the company. The Goldman Sachs Group assumed coverage on Summit Therapeutics in a research report on Friday. They issued a "buy" rating and a $42.00 price objective for the company. JMP Securities assumed coverage on Summit Therapeutics in a report on Monday, November 4th. They set a "market outperform" rating and a $32.00 target price on the stock. Truist Financial began coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price target for the company. Finally, Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a "buy" rating and a $31.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Summit Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $34.63.

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Summit Therapeutics Trading Up 0.4 %

The stock has a market cap of $14.17 billion, a P/E ratio of -68.53 and a beta of -0.88. The firm has a 50-day simple moving average of $20.00 and a two-hundred day simple moving average of $19.42.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. Sell-side analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Baker BROS. Advisors LP grew its position in Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock worth $534,905,000 after buying an additional 1,202,643 shares in the last quarter. Cerity Partners LLC acquired a new stake in shares of Summit Therapeutics during the 3rd quarter worth $2,178,000. FMR LLC increased its position in shares of Summit Therapeutics by 9.8% in the third 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. Griffin Asset Management Inc. increased its position in shares of Summit Therapeutics by 63.3% in the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company's stock worth $1,975,000 after purchasing an additional 42,900 shares during the period. Finally, SeaCrest Wealth Management LLC acquired a new position in Summit Therapeutics in the fourth quarter valued at about $444,000. 4.61% of the stock is owned by institutional investors.

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.