Summit Therapeutics (NASDAQ:SMMT) Shares Up 9.5% – Still a Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price shot up 9.5% on Wednesday . The company traded as high as $20.25 and last traded at $20.26. 575,632 shares were traded 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.

Wall Street Analyst Weigh In

Several research firms have issued reports on SMMT. Wells Fargo & Company began coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Truist Financial initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. HC Wainwright reissued a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Finally, Jefferies Financial Group initiated coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price target for the company. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $34.11.

Summit Therapeutics Trading Up 8.1 %

The company has a market capitalization of $14.75 billion, a price-to-earnings ratio of -71.45 and a beta of -1.03. The firm has a 50-day moving average price of $20.01 and a 200-day moving average price of $19.67.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million for the quarter. Equities research analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Baker BROS. Advisors LP boosted its stake 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 worth $534,905,000 after acquiring an additional 1,202,643 shares in the last quarter. Cerity Partners LLC acquired a new stake in Summit Therapeutics during the 3rd quarter worth about $2,178,000. FMR LLC lifted its stake 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 buying an additional 737,692 shares in the last quarter. Griffin Asset Management Inc. increased its position in shares of Summit Therapeutics by 63.3% in the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock worth $1,975,000 after acquiring an additional 42,900 shares in the last quarter. Finally, SeaCrest Wealth Management LLC purchased a new stake in shares of Summit Therapeutics in the 4th quarter valued at approximately $444,000. 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.