Summit Therapeutics (NASDAQ:SMMT) Trading 0.3% Higher – Time to Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) traded up 0.3% during mid-day trading on Monday . The stock traded as high as $20.33 and last traded at $20.01. 483,429 shares changed hands during trading, a decline of 87% from the average session volume of 3,730,101 shares. The stock had previously closed at $19.95.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SMMT shares. Stifel Nicolaus lifted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. Finally, HC Wainwright restated a “buy” rating and set a $45.00 price target on shares of Summit Therapeutics in a report on Friday, October 4th.

Summit Therapeutics Stock Performance

The business has a fifty day moving average of $17.18 and a 200-day moving average of $10.20. The firm has a market capitalization of $14.63 billion, a P/E ratio of -87.00 and a beta of -0.97.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SMMT. Creative Planning grew its position in shares of Summit Therapeutics by 45.0% in the 3rd quarter. Creative Planning now owns 15,633 shares of the company’s stock valued at $342,000 after purchasing an additional 4,851 shares during the period. Willis Investment Counsel bought a new position in Summit Therapeutics in the third quarter valued at $219,000. Handelsbanken Fonder AB raised its stake in shares of Summit Therapeutics by 37.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 88,000 shares of the company’s stock worth $1,927,000 after purchasing an additional 24,100 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Summit Therapeutics in the third quarter valued at $717,000. Finally, Susquehanna Fundamental Investments LLC raised its holdings in shares of Summit Therapeutics by 37.9% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 67,378 shares of the company’s stock valued at $526,000 after purchasing an additional 18,501 shares during the period. 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.