Summit Therapeutics (NASDAQ:SMMT) Shares Up 6% - Here's Why

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s share price traded up 6% on Monday . The company traded as high as $21.60 and last traded at $21.31. 258,084 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 2,234,456 shares. The stock had previously closed at $20.11.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SMMT shares. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price target for the company. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a "buy" rating and a $31.00 price target for the company. HC Wainwright restated a "buy" rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, January 21st. JMP Securities started coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They set a "market outperform" rating and a $32.00 price target for the company. Finally, Truist Financial assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price target for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Summit Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $33.57.

Summit Therapeutics Trading Up 11.5 %

The company has a market cap of $16.09 billion, a price-to-earnings ratio of -77.93 and a beta of -0.88. The stock's fifty day simple moving average is $19.40 and its 200 day simple moving average is $18.46.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Guggenheim Capital LLC purchased a new position in shares of Summit Therapeutics during the 4th quarter worth approximately $765,000. Barclays PLC boosted its position in shares of Summit Therapeutics by 32.0% during the 4th quarter. Barclays PLC now owns 330,146 shares of the company's stock worth $5,891,000 after purchasing an additional 80,028 shares during the period. Ameritas Investment Partners Inc. boosted its position in shares of Summit Therapeutics by 12.2% during the 4th quarter. Ameritas Investment Partners Inc. now owns 9,621 shares of the company's stock worth $172,000 after purchasing an additional 1,044 shares during the period. Invesco Ltd. boosted its position in shares of Summit Therapeutics by 435.7% during the 4th quarter. Invesco Ltd. now owns 399,050 shares of the company's stock worth $7,121,000 after purchasing an additional 324,555 shares during the period. Finally, Cerity Partners LLC boosted its position in shares of Summit Therapeutics by 13.8% during the 4th quarter. Cerity Partners LLC now owns 113,214 shares of the company's stock worth $2,023,000 after purchasing an additional 13,772 shares during the period. 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.