Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up on Analyst Upgrade

Summit Therapeutics Inc. (NASDAQ:SMMT) shares gapped up before the market opened on Wednesday after Stifel Nicolaus raised their price target on the stock from $25.00 to $40.00. The stock had previously closed at $24.00, but opened at $24.82. Stifel Nicolaus currently has a buy rating on the stock. Summit Therapeutics shares last traded at $23.76, with a volume of 2,175,203 shares traded.

Other equities analysts have also issued research reports about the stock. Citigroup upped their price target on shares of Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, September 9th. HC Wainwright upped their target price on shares of Summit Therapeutics from $30.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, September 16th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted its position in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after purchasing an additional 3,579 shares during the period. Sectoral Asset Management Inc. lifted its holdings in shares of Summit Therapeutics by 50.0% in the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock valued at $78,000 after buying an additional 10,000 shares during the period. Virtu Financial LLC boosted its stake in Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after buying an additional 3,846 shares in the last quarter. Fullcircle Wealth LLC acquired a new position in Summit Therapeutics during the second quarter worth about $95,000. Finally, EntryPoint Capital LLC acquired a new position in Summit Therapeutics during the first quarter worth about $100,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Up 0.8 %

The stock has a market capitalization of $16.01 billion, a P/E ratio of -142.56 and a beta of -0.99. The firm’s 50-day simple moving average is $14.88 and its 200 day simple moving average is $8.82.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. As a group, equities analysts anticipate that Summit Therapeutics Inc. will post -0.27 EPS for the current fiscal year.

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.