Summit Therapeutics (NASDAQ:SMMT) Trading 4.1% Higher

Summit Therapeutics Inc. (NASDAQ:SMMT) shares rose 4.1% on Monday . The company traded as high as $8.14 and last traded at $8.12. Approximately 257,370 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 3,198,653 shares. The stock had previously closed at $7.80.

Wall Street Analysts Forecast Growth

SMMT has been the topic of a number of research analyst reports. Citigroup increased their price target on Summit Therapeutics from $7.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Stifel Nicolaus increased their price objective on Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Monday, June 3rd.

Summit Therapeutics Trading Down 7.4 %

The company has a current ratio of 6.97, a quick ratio of 6.97 and a debt-to-equity ratio of 2.26. The firm has a fifty day moving average price of $6.07 and a 200-day moving average price of $4.58.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Wednesday, May 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. Equities analysts forecast that Summit Therapeutics Inc. will post -0.26 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

Several large investors have recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its stake in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after buying an additional 3,579 shares in the last quarter. Federated Hermes Inc. acquired a new stake in Summit Therapeutics in the third quarter valued at about $33,000. Wealth Management Partners LLC acquired a new stake in Summit Therapeutics in the fourth quarter valued at about $39,000. Tower Research Capital LLC TRC boosted its stake in Summit Therapeutics by 212.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock valued at $55,000 after buying an additional 14,384 shares in the last quarter. Finally, Sectoral Asset Management Inc. boosted its stake in Summit Therapeutics by 50.0% in the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock valued at $78,000 after buying an additional 10,000 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

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.