Summit Therapeutics (NASDAQ:SMMT) Trading Up 9.5% – Should You Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price traded up 9.5% on Wednesday . The stock traded as high as $20.25 and last traded at $20.26. 575,632 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 2,483,099 shares. The stock had previously closed at $18.50.

Analyst Ratings Changes

SMMT has been the subject of a number of analyst reports. Evercore ISI assumed coverage on Summit Therapeutics in a research report on Wednesday. They set an “outperform” rating and a $30.00 price target on the stock. Wells Fargo & Company began coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. Truist Financial began coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target for the company. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Finally, The Goldman Sachs Group initiated coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They issued a “buy” rating and a $42.00 target price on the stock. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $34.11.

Summit Therapeutics Stock Down 3.6 %

The stock has a market capitalization of $14.16 billion, a price-to-earnings ratio of -68.53 and a beta of -1.03. The business’s 50-day moving average is $20.07 and its two-hundred day moving average is $19.67.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $0.20 million for the quarter. As a group, analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several large investors have recently added to or reduced their stakes in SMMT. Baker BROS. Advisors LP boosted its position in shares of Summit Therapeutics by 5.2% during the 3rd 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 last quarter. Cerity Partners LLC acquired a new position in Summit Therapeutics in the 3rd quarter valued at about $2,178,000. FMR LLC grew its stake in shares of Summit Therapeutics by 9.8% in the 3rd 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 period. Griffin Asset Management Inc. increased its holdings in shares of Summit Therapeutics by 63.3% during the 4th quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock worth $1,975,000 after buying an additional 42,900 shares during the last quarter. Finally, SeaCrest Wealth Management LLC purchased a new stake in shares of Summit Therapeutics during the 4th quarter valued at approximately $444,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

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.