Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Time to Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $20.24, but opened at $21.45. Summit Therapeutics shares last traded at $19.72, with a volume of 847,116 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have weighed in on SMMT shares. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Wells Fargo & Company started coverage on Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price on the stock. The Goldman Sachs Group assumed coverage on Summit Therapeutics in a research note on Friday, February 28th. They set a “buy” rating and a $42.00 price target for the company. Citigroup raised Summit Therapeutics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $23.00 to $35.00 in a research note on Wednesday. Finally, Cantor Fitzgerald started coverage on shares of Summit Therapeutics in a research report on Friday, March 21st. They set an “overweight” rating for the company. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.44.

Summit Therapeutics Price Performance

The business’s 50-day moving average price is $20.41 and its 200 day moving average price is $20.18. The firm has a market capitalization of $14.66 billion, a price-to-earnings ratio of -71.03 and a beta of -1.04.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Jefferies Financial Group Inc. acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at approximately $803,000. GF Fund Management CO. LTD. acquired a new stake in Summit Therapeutics in the fourth quarter valued at $302,000. Neo Ivy Capital Management bought a new position in Summit Therapeutics during the 4th quarter valued at $3,739,000. Tema Etfs LLC bought a new position in Summit Therapeutics during the 4th quarter valued at $475,000. Finally, Toronto Dominion Bank bought a new stake in shares of Summit Therapeutics in the 4th quarter worth about $446,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

About Summit Therapeutics

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.