Summit Therapeutics (NASDAQ:SMMT) Trading Up 5.4% – Time to Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) shares rose 5.4% during mid-day trading on Thursday . The company traded as high as $24.28 and last traded at $24.29. Approximately 649,392 shares changed hands during trading, a decline of 82% from the average daily volume of 3,565,379 shares. The stock had previously closed at $23.05.

Wall Street Analysts Forecast Growth

SMMT has been the topic of several analyst reports. Truist Financial assumed coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target on the stock. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a report on Wednesday, March 26th. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Cantor Fitzgerald started coverage on Summit Therapeutics in a research note on Friday, March 21st. They set an “overweight” rating for the company. Finally, The Goldman Sachs Group began coverage on Summit Therapeutics in a research note on Friday, February 28th. They issued a “buy” rating and a $42.00 target price on the stock. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Summit Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $35.40.

Summit Therapeutics Price Performance

The company has a 50 day simple moving average of $19.94 and a 200-day simple moving average of $19.73. The firm has a market cap of $17.83 billion, a PE ratio of -86.16 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $0.20 million for the quarter. On average, sell-side analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after buying an additional 724,040 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock valued at $116,995,000 after acquiring an additional 1,118,270 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock worth $57,133,000 after purchasing an additional 101,039 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Summit Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company’s stock worth $26,501,000 after purchasing an additional 52,359 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings in Summit Therapeutics by 100.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company’s stock valued at $24,755,000 after purchasing an additional 695,843 shares during the period. Institutional investors 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.