Summit Therapeutics (NASDAQ:SMMT) Trading 3.3% Higher – Time to Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) traded up 3.3% during mid-day trading on Wednesday . The stock traded as high as $18.83 and last traded at $18.76. 302,398 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 1,617,317 shares. The stock had previously closed at $18.16.

Wall Street Analyst Weigh In

A number of research analysts have commented on SMMT shares. JMP Securities began coverage on Summit Therapeutics in a research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Monday, November 18th. Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Truist Financial assumed coverage on shares of Summit Therapeutics in a research note on Wednesday. They issued a “buy” rating and a $35.00 target price for the company. Finally, Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Price Performance

The firm has a market capitalization of $13.16 billion, a PE ratio of -63.75 and a beta of -0.87. The company has a fifty day moving average of $18.83 and a 200-day moving average of $16.39.

Institutional Trading of Summit Therapeutics

A number of institutional investors have recently added to or reduced their stakes in SMMT. CIBC Asset Management Inc raised its holdings in shares of Summit Therapeutics by 3.8% during the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock valued at $448,000 after purchasing an additional 740 shares in the last quarter. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics during the third quarter worth $25,000. Covestor Ltd raised its holdings in Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares in the last quarter. World Equity Group Inc. lifted its position in shares of Summit Therapeutics by 16.1% in the third quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock worth $325,000 after buying an additional 2,063 shares during the last quarter. Finally, Fred Alger Management LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter worth about $105,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.