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

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) rose 6.8% on Thursday . The stock traded as high as $22.96 and last traded at $23.07. Approximately 2,353,404 shares traded hands during trading, an increase of 4% from the average daily volume of 2,263,370 shares. The stock had previously closed at $21.60.

Analyst Upgrades and Downgrades

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

Summit Therapeutics Stock Down 4.1 %

The stock has a market capitalization of $16.31 billion, a P/E ratio of -79.00 and a beta of -0.88. The stock has a 50 day simple moving average of $19.91 and a two-hundred day simple moving average of $18.95.

Institutional Trading of Summit Therapeutics

A number of large investors have recently added to or reduced their stakes in SMMT. Baker BROS. Advisors LP raised its holdings in shares of Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock valued at $534,905,000 after purchasing an additional 1,202,643 shares during the period. abrdn plc acquired a new position in Summit Therapeutics during the third quarter worth approximately $24,885,000. Price T Rowe Associates Inc. MD raised its stake in Summit Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock valued at $116,995,000 after buying an additional 1,118,270 shares during the period. FMR LLC lifted 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 valued at $181,838,000 after buying an additional 737,692 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Summit Therapeutics by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after buying an additional 724,040 shares during the last quarter. 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.