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

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $17.28, but opened at $18.21. Summit Therapeutics shares last traded at $17.5990, with a volume of 730,028 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on SMMT. Jefferies Financial Group set a $15.00 price objective on Summit Therapeutics in a research note on Friday, July 24th. Wall Street Zen raised Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, September 5th. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Guggenheim reaffirmed a “buy” rating on shares of Summit Therapeutics in a research report on Wednesday, August 26th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Summit Therapeutics in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $25.91.

Summit Therapeutics Trading Down 3.1%

The firm has a market capitalization of $13.56 billion, a PE ratio of -15.18 and a beta of -1.24. The firm has a 50 day simple moving average of $14.46 and a 200 day simple moving average of $16.22.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Research analysts forecast that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Ball & Co Wealth Management Inc. bought a new stake in shares of Summit Therapeutics in the first quarter worth approximately $28,000. Kestra Advisory Services LLC purchased a new stake in Summit Therapeutics during the 4th quarter valued at $28,000. T. Rowe Price Investment Management Inc. raised its stake in Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after buying an additional 1,805 shares during the last quarter. Parallel Advisors LLC bought a new position in shares of Summit Therapeutics during the 3rd quarter valued at $39,000. Finally, Truvestments Capital LLC boosted its stake in shares of Summit Therapeutics by 200.2% in the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after buying an additional 1,736 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for the treatment of cancer. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition against PD-1 with selective inhibition of vascular endothelial growth factor A (VEGF-A). Summit is evaluating ivonescimab in clinical studies involving patients with non-small cell lung cancer and other solid tumors.

Summit has entered into a licensing and collaboration agreement with Akeso, a biotechnology company that discovered and developed ivonescimab.