Summit Therapeutics (NASDAQ:SMMT) Shares Up 6.8% – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price shot up 6.8% during mid-day trading on Thursday . The company traded as high as $22.96 and last traded at $23.07. 2,353,404 shares were traded during trading, an increase of 4% from the average session volume of 2,263,370 shares. The stock had previously closed at $21.60.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SMMT shares. Wells Fargo & Company started coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price on the stock. Jefferies Financial Group started coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. Truist Financial started coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price on the stock. JMP Securities started coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, January 21st. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Summit Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Price Performance

The firm has a market cap of $16.31 billion, a PE ratio of -79.00 and a beta of -0.88. The stock has a 50-day moving average price of $19.91 and a 200 day moving average price of $18.95.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Baker BROS. Advisors LP grew its position in Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after acquiring an additional 1,202,643 shares during the period. Vanguard Group Inc. grew its position in Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after acquiring an additional 724,040 shares during the period. FMR LLC grew its position in Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after acquiring an additional 737,692 shares during the period. Price T Rowe Associates Inc. MD grew its position in Summit Therapeutics by 20.6% during 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 acquiring an additional 1,118,270 shares during the period. Finally, Geode Capital Management LLC grew its position in Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock valued at $57,133,000 after acquiring an additional 101,039 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.