Summit Therapeutics (NASDAQ:SMMT) Trading 6.8% Higher – Still a Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) was up 6.8% on Thursday . The company traded as high as $18.17 and last traded at $18.14. Approximately 252,867 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 3,418,233 shares. The stock had previously closed at $16.98.

Analysts Set New Price Targets

A number of brokerages recently commented on SMMT. Jefferies Financial Group started coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price target for the company. Stifel Nicolaus raised their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. JMP Securities assumed coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Summit Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $33.33.

Summit Therapeutics Trading Down 2.9 %

The firm has a fifty day moving average of $19.51 and a two-hundred day moving average of $15.37. The company has a market cap of $13.18 billion, a PE ratio of -63.82 and a beta of -0.92.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. raised its holdings in Summit Therapeutics by 60.9% during the 3rd quarter. Principal Financial Group Inc. now owns 58,147 shares of the company’s stock valued at $1,273,000 after acquiring an additional 22,014 shares during the period. Franklin Resources Inc. purchased a new position in shares of Summit Therapeutics in the third quarter valued at $2,091,000. Virtu Financial LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter valued at $925,000. Geode Capital Management LLC lifted its holdings in Summit Therapeutics by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock worth $67,899,000 after purchasing an additional 135,981 shares in the last quarter. Finally, XTX Topco Ltd boosted its stake in Summit Therapeutics by 54.3% in the 3rd quarter. XTX Topco Ltd now owns 23,915 shares of the company’s stock worth $524,000 after purchasing an additional 8,415 shares during the period. 4.61% of the stock is owned by institutional investors.

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.