Summit Therapeutics (NASDAQ:SMMT) Shares Up 9.4%

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price was up 9.4% during trading on Friday . The stock traded as high as $30.25 and last traded at $29.99. Approximately 2,898,100 shares traded hands during trading, a decline of 14% from the average daily volume of 3,364,609 shares. The stock had previously closed at $27.41.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Stifel Nicolaus raised their price objective on Summit Therapeutics from $14.00 to $25.00 and gave the company a “buy” rating in a report on Monday. Citigroup upped their price objective on Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday. Finally, HC Wainwright increased their price objective on Summit Therapeutics from $16.00 to $30.00 and gave the company a “buy” rating in a report on Monday.

Summit Therapeutics Trading Up 16.9 %

The firm has a market capitalization of $23.21 billion, a price-to-earnings ratio of -182.88 and a beta of -0.99. The company’s 50 day moving average is $11.83 and its 200-day moving average is $7.49.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data 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. Research analysts expect that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hoylecohen LLC boosted its holdings in shares of Summit Therapeutics by 2.4% during the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock worth $674,000 after buying an additional 2,000 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Summit Therapeutics by 142.2% during the first 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. Virtu Financial LLC grew its position in shares of Summit Therapeutics by 23.3% in the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after purchasing an additional 3,846 shares during the last quarter. Alpine Global Management LLC grew its position in shares of Summit Therapeutics by 16.7% in the first quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock valued at $145,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Summit Therapeutics by 18.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock worth $138,000 after purchasing an additional 5,139 shares during the period. 4.61% of the stock is owned by 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.