Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price gapped up prior to trading on Friday . The stock had previously closed at $18.61, but opened at $20.21. Summit Therapeutics shares last traded at $19.17, with a volume of 4,348,958 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently commented on SMMT. Stifel Nicolaus upped their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $45.00 price objective on shares of Summit Therapeutics in a report on Friday.

Summit Therapeutics Trading Up 2.6 %

The stock has a fifty day moving average price of $16.32 and a 200-day moving average price of $9.61. The firm has a market capitalization of $13.83 billion, a price-to-earnings ratio of -119.31 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. On average, equities analysts expect that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Wealth Management Partners LLC boosted its position in Summit Therapeutics by 193.3% in the 1st quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock valued at $182,000 after buying an additional 29,000 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in Summit Therapeutics by 66.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock valued at $558,000 after buying an additional 53,774 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Summit Therapeutics by 131.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock valued at $168,000 after acquiring an additional 22,977 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after acquiring an additional 3,579 shares during the period. Finally, ProShare Advisors LLC grew its stake in shares of Summit Therapeutics by 9.4% during the first quarter. ProShare Advisors LLC now owns 69,995 shares of the company’s stock worth $290,000 after purchasing an additional 6,035 shares during the period. 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.