Summit Therapeutics (NASDAQ:SMMT) Trading 0.4% Higher – Still a Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) shares shot up 0.4% during trading on Tuesday . The company traded as high as $20.87 and last traded at $20.58. 299,727 shares traded hands during trading, a decline of 92% from the average session volume of 3,706,334 shares. The stock had previously closed at $20.50.

Analyst Ratings Changes

A number of analysts have recently weighed in on SMMT shares. HC Wainwright reaffirmed a “buy” rating and issued a $45.00 target price on shares of Summit Therapeutics in a research report on Friday, October 4th. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their target price for the company from $19.00 to $23.00 in a report on Friday, September 27th. Finally, Stifel Nicolaus boosted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th.

Summit Therapeutics Trading Up 0.1 %

The company has a market capitalization of $14.87 billion, a P/E ratio of -88.52 and a beta of -0.97. The firm has a fifty day moving average of $18.53 and a 200 day moving average of $10.94.

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

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its position in shares of Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after buying an additional 3,579 shares during the period. Virtu Financial LLC grew its holdings in shares of 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 during the last quarter. Fullcircle Wealth LLC acquired a new position in shares of Summit Therapeutics in the second quarter valued at about $95,000. EntryPoint Capital LLC purchased a new position in Summit Therapeutics during the 1st quarter worth approximately $100,000. Finally, XTX Topco Ltd purchased a new position in shares of Summit Therapeutics during the second quarter worth $121,000. 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.