Summit Therapeutics (NASDAQ:SMMT) Trading Up 0.8% – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price was up 0.8% on Monday . The company traded as high as $22.17 and last traded at $21.39. Approximately 592,087 shares changed hands during trading, a decline of 84% from the average daily volume of 3,717,354 shares. The stock had previously closed at $21.21.

Analyst Upgrades and Downgrades

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

Summit Therapeutics Stock Down 3.5 %

The firm’s fifty day moving average is $18.34 and its 200 day moving average is $10.82.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Griffin Asset Management Inc. acquired a new stake in Summit Therapeutics in the 3rd quarter worth $1,484,000. Millennium Management LLC bought a new position in shares of Summit Therapeutics in the second quarter worth about $15,154,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Summit Therapeutics by 131.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after buying an additional 22,977 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Summit Therapeutics during the third quarter worth approximately $717,000. Finally, Squarepoint Ops LLC raised its stake in shares of Summit Therapeutics by 192.2% during the second quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock worth $671,000 after buying an additional 56,614 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

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.