Summit Therapeutics (NASDAQ:SMMT) Shares Up 9.5% - What's Next?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) shares were up 9.5% during trading on Wednesday . The stock traded as high as $20.25 and last traded at $20.26. Approximately 575,632 shares were traded during trading, a decline of 77% from the average daily volume of 2,483,099 shares. The stock had previously closed at $18.50.

Analysts Set New Price Targets

Several analysts have commented on SMMT shares. HC Wainwright reiterated a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday, February 25th. The Goldman Sachs Group initiated coverage on Summit Therapeutics in a report on Friday, February 28th. They set a "buy" rating and a $42.00 price target on the stock. Evercore ISI initiated coverage on Summit Therapeutics in a report on Wednesday. They set an "outperform" rating and a $30.00 price target on the stock. Wells Fargo & Company initiated coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price target on the stock. Finally, Truist Financial assumed coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $34.11.

Summit Therapeutics Price Performance

The stock has a market cap of $15.34 billion, a PE ratio of -74.25 and a beta of -1.03. The stock has a 50-day moving average price of $20.12 and a two-hundred day moving average price of $19.81.

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Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.08). The firm had revenue of $0.20 million for the quarter. Equities research analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Darwin Wealth Management LLC purchased a new position in Summit Therapeutics in the third quarter worth about $25,000. Covestor Ltd grew its position in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company's stock worth $27,000 after acquiring an additional 1,190 shares in the last quarter. Brooklyn Investment Group purchased a new position in Summit Therapeutics in the fourth quarter worth about $29,000. National Bank of Canada FI purchased a new position in Summit Therapeutics in the fourth quarter worth about $30,000. Finally, Steward Partners Investment Advisory LLC grew its position in Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after acquiring an additional 900 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

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.