Summit Therapeutics (NASDAQ:SMMT) Shares Up 6.5% – Still a Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price shot up 6.5% during trading on Friday . The company traded as high as $19.34 and last traded at $19.37. 1,595,793 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 2,329,394 shares. The stock had previously closed at $18.19.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Wells Fargo & Company assumed coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, November 18th. Truist Financial initiated coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective for the company. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Finally, Stifel Nicolaus lifted their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Price Performance

The company has a market cap of $14.17 billion, a PE ratio of -68.80 and a beta of -0.87. The company has a fifty day moving average price of $18.64 and a 200 day moving average price of $16.73.

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Millennium Management LLC bought a new stake in Summit Therapeutics in the second quarter worth $15,154,000. Baker BROS. Advisors LP raised its position in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares during the last quarter. abrdn plc bought a new position in shares of Summit Therapeutics during the third quarter valued at approximately $24,885,000. FMR LLC lifted its position in shares of Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after purchasing an additional 737,692 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after buying an additional 497,984 shares during the period. Hedge funds and other 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.