Summit Therapeutics (NASDAQ:SMMT) Shares Up 7% - What's Next?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price shot up 7% during mid-day trading on Wednesday . The company traded as high as $20.12 and last traded at $20.11. 1,285,506 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 3,421,669 shares. The stock had previously closed at $18.80.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Summit Redstone set a $35.00 target price on shares of Summit Therapeutics in a report on Wednesday, March 26th. The Goldman Sachs Group began coverage on Summit Therapeutics in a research report on Friday, February 28th. They issued a "buy" rating and a $42.00 price target for the company. Truist Financial began coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 target price for the company. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price objective for the company. Finally, Evercore ISI began coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price target for the company. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.40.

Remove Ads

Summit Therapeutics Trading Down 0.2 %

The business's 50-day simple moving average is $20.15 and its 200 day simple moving average is $19.83. The firm has a market cap of $12.78 billion, a PE ratio of -61.85 and a beta of -0.46.

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 company had revenue of $0.20 million for the quarter. Analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Verition Fund Management LLC acquired a new position in Summit Therapeutics during the 3rd quarter valued at about $409,000. XTX Topco Ltd boosted its stake in Summit Therapeutics by 54.3% in the 3rd quarter. XTX Topco Ltd now owns 23,915 shares of the company's stock worth $524,000 after purchasing an additional 8,415 shares in the last quarter. Geode Capital Management LLC grew its position in Summit Therapeutics by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company's stock worth $67,899,000 after purchasing an additional 135,981 shares during the last quarter. Virtu Financial LLC acquired a new position in Summit Therapeutics during the 3rd quarter valued at approximately $925,000. Finally, Franklin Resources Inc. purchased a new stake in shares of Summit Therapeutics during the third quarter valued at $2,091,000. 4.61% of the stock is owned by hedge funds and other 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.