Summit Therapeutics (NASDAQ:SMMT) Trading Up 7.6% – Here’s Why

Summit Therapeutics PLC (NASDAQ:SMMT) rose 7.6% during trading on Wednesday . The company traded as high as $16.91 and last traded at $17.0610. Approximately 612,654 shares were traded during trading, a decline of 81% from the average daily volume of 3,207,999 shares. The stock had previously closed at $15.85.

Wall Street Analyst Weigh In

SMMT has been the topic of a number of recent research reports. Truist Financial raised shares of Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. HC Wainwright reduced their target price on shares of Summit Therapeutics from $30.00 to $23.00 and set a “buy” rating on the stock in a research report on Monday, May 4th. Citizens Jmp restated a “market outperform” rating and issued a $40.00 price target on shares of Summit Therapeutics in a research note on Friday, January 30th. Finally, Citigroup assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating for the company. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $27.58.

Summit Therapeutics Stock Up 10.7%

The firm’s 50-day moving average price is $18.85 and its 200 day moving average price is $17.63. The firm has a market cap of $13.62 billion, a P/E ratio of -10.96 and a beta of -1.25.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.03. On average, equities analysts predict that Summit Therapeutics PLC will post -1.17 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its holdings in Summit Therapeutics by 106.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after buying an additional 4,832,592 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Summit Therapeutics by 31.2% in the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after acquiring an additional 2,706,056 shares during the period. Baker BROS. Advisors LP boosted its position in shares of Summit Therapeutics by 7.9% in the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after acquiring an additional 2,668,089 shares during the period. Norges Bank bought a new stake in shares of Summit Therapeutics in the fourth quarter valued at approximately $24,030,000. Finally, TD Asset Management Inc boosted its position in shares of Summit Therapeutics by 124.2% in the fourth quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock valued at $21,080,000 after acquiring an additional 667,742 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.