Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Should You Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) shares gapped up before the market opened on Tuesday . The stock had previously closed at $17.73, but opened at $18.40. Summit Therapeutics shares last traded at $17.64, with a volume of 2,057,621 shares traded.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SMMT. HC Wainwright reissued a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Monday, April 28th. Wall Street Zen raised Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. JMP Securities reissued a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Monday. Summit Redstone set a $35.00 target price on Summit Therapeutics in a report on Wednesday, March 26th. Finally, The Goldman Sachs Group lifted their target price on Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Summit Therapeutics presently has an average rating of “Buy” and an average target price of $37.40.

Summit Therapeutics Stock Down 5.1%

The stock has a market cap of $14.53 billion, a price-to-earnings ratio of -69.85 and a beta of -0.94. The company has a 50 day simple moving average of $23.38 and a 200 day simple moving average of $20.84.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.01. As a group, analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Rhumbline Advisers raised its stake in Summit Therapeutics by 5.2% during the first quarter. Rhumbline Advisers now owns 131,760 shares of the company’s stock worth $2,542,000 after acquiring an additional 6,558 shares in the last quarter. Siren L.L.C. acquired a new position in Summit Therapeutics during the first quarter worth about $13,407,000. Focus Partners Wealth raised its stake in Summit Therapeutics by 145,546.6% during the first quarter. Focus Partners Wealth now owns 84,475 shares of the company’s stock worth $1,630,000 after acquiring an additional 84,417 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after acquiring an additional 694 shares in the last quarter. Finally, Cutter Capital Management LP acquired a new position in Summit Therapeutics during the first quarter worth about $7,716,000. Institutional investors and hedge funds 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.