Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Still a Buy?

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price gapped up before the market opened on Tuesday. The stock had previously closed at $15.48, but opened at $18.91. Summit Therapeutics shares last traded at $16.3970, with a volume of 10,558,930 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SMMT shares. KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Citigroup restated a “buy” rating on shares of Summit Therapeutics in a report on Friday. Morgan Stanley downgraded shares of Summit Therapeutics to an “outperform” rating in a report on Tuesday. Sanford C. Bernstein raised shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and lifted their price target for the company from $9.80 to $11.90 in a research report on Tuesday, August 25th. Finally, The Goldman Sachs Group set a $41.00 price objective on Summit Therapeutics and gave the company a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.22.

Summit Therapeutics Stock Performance

The stock has a market capitalization of $13.00 billion, a price-to-earnings ratio of -14.52 and a beta of -1.24. The business has a 50-day moving average of $14.93 and a 200-day moving average of $16.33.

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

Hedge Funds Weigh In On Summit Therapeutics

Several large investors have recently made changes to their positions in the stock. Baker BROS. Advisors LP raised its holdings in shares of Summit Therapeutics by 7.9% in the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after buying an additional 2,668,089 shares during the period. BlackRock Inc. acquired a new position in Summit Therapeutics during the 2nd quarter worth about $138,838,000. Polymer Capital Management HK LTD boosted its holdings in Summit Therapeutics by 73.9% during the 4th quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company’s stock valued at $24,856,000 after acquiring an additional 603,879 shares during the period. Norges Bank purchased a new position in Summit Therapeutics during the 4th quarter valued at about $24,030,000. Finally, TD Asset Management Inc grew its position in Summit Therapeutics by 124.2% in the 4th 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 in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

About Summit Therapeutics

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.