Summit Therapeutics (NASDAQ:SMMT) Trading 5.4% Higher – What’s Next?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price traded up 5.4% during mid-day trading on Wednesday . The company traded as high as $23.14 and last traded at $23.03. 1,077,737 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 3,723,551 shares. The stock had previously closed at $21.84.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price target for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. Stifel Nicolaus upped their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, HC Wainwright reiterated a “buy” rating and issued a $45.00 target price on shares of Summit Therapeutics in a report on Friday, October 4th.

Summit Therapeutics Trading Down 1.7 %

The stock’s 50-day moving average is $18.14 and its 200-day moving average is $10.60. The stock has a market cap of $15.37 billion, a price-to-earnings ratio of -94.26 and a beta of -0.97.

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, topping the consensus estimate of ($0.06) by $0.01. On average, equities analysts predict that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently modified their holdings of SMMT. Russell Investments Group Ltd. lifted its position 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 in the last quarter. Willis Investment Counsel purchased a new stake in shares of Summit Therapeutics during the third quarter valued at approximately $219,000. Fullcircle Wealth LLC acquired a new position in shares of Summit Therapeutics during the second quarter worth $95,000. XTX Topco Ltd purchased a new position in shares of Summit Therapeutics in the second quarter valued at $121,000. Finally, Creative Planning boosted its stake in shares of Summit Therapeutics by 45.0% in the third 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. Institutional investors and hedge funds 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.