Summit Therapeutics (NASDAQ:SMMT) Trading Up 6.8% - Should You Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s share price was up 6.8% during trading on Thursday . The stock traded as high as $18.17 and last traded at $18.14. Approximately 252,867 shares traded hands during trading, a decline of 93% from the average daily volume of 3,418,233 shares. The stock had previously closed at $16.98.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. HC Wainwright reiterated a "buy" rating and set a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. JMP Securities assumed coverage on Summit Therapeutics in a research note on Monday, November 4th. They set a "market outperform" rating and a $32.00 price target for the company. Stifel Nicolaus boosted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Citigroup downgraded Summit Therapeutics from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Finally, Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 target price for the company. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.33.

Summit Therapeutics Trading Up 8.4 %

The stock has a fifty day moving average price of $19.55 and a 200 day moving average price of $15.29. The firm has a market cap of $13.57 billion, a price-to-earnings ratio of -65.71 and a beta of -0.92.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc lifted its stake in shares of Summit Therapeutics by 3.8% in the third quarter. CIBC Asset Management Inc now owns 20,445 shares of the company's stock worth $448,000 after buying an additional 740 shares during the last quarter. Darwin Wealth Management LLC bought a new stake in Summit Therapeutics during the third quarter valued at about $25,000. Covestor Ltd grew its position in shares of Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company's stock valued at $27,000 after purchasing an additional 1,190 shares during the last quarter. World Equity Group Inc. increased its stake in shares of Summit Therapeutics by 16.1% in the third quarter. World Equity Group Inc. now owns 14,842 shares of the company's stock worth $325,000 after purchasing an additional 2,063 shares during the period. Finally, Fred Alger Management LLC acquired a new position in shares of Summit Therapeutics during the 3rd quarter worth about $105,000. Institutional investors and hedge funds own 4.61% of the company's stock.

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.