Summit Therapeutics (NASDAQ:SMMT) Shares Up 6% – What’s Next?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) rose 6% during trading on Monday . The company traded as high as $21.60 and last traded at $21.31. Approximately 258,084 shares changed hands during trading, a decline of 88% from the average daily volume of 2,234,456 shares. The stock had previously closed at $20.11.

Analysts Set New Price Targets

SMMT has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective for the company. Truist Financial initiated coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price on the stock. JMP Securities started coverage on Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target for the company. Wells Fargo & Company assumed coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday, January 21st. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Summit Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Stock Down 6.9 %

The company has a market cap of $14.07 billion, a PE ratio of -68.14 and a beta of -0.88. The stock has a 50-day moving average of $19.37 and a 200-day moving average of $18.45.

Institutional Trading of Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC purchased a new position in shares of Summit Therapeutics during the second quarter worth about $484,000. Creative Planning lifted its position in Summit Therapeutics by 45.0% during the third quarter. Creative Planning now owns 15,633 shares of the company’s stock valued at $342,000 after purchasing an additional 4,851 shares during the last quarter. Griffin Asset Management Inc. purchased a new position in Summit Therapeutics in the 3rd quarter worth approximately $1,484,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Summit Therapeutics by 25.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,205 shares of the company’s stock worth $547,000 after buying an additional 5,247 shares in the last quarter. Finally, abrdn plc bought a new position in shares of Summit Therapeutics in the 3rd quarter worth $24,885,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.