Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up Following Analyst Upgrade

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price gapped up before the market opened on Wednesday after Stifel Nicolaus raised their price target on the stock from $25.00 to $40.00. The stock had previously closed at $24.00, but opened at $24.82. Stifel Nicolaus currently has a buy rating on the stock. Summit Therapeutics shares last traded at $23.76, with a volume of 2,175,203 shares trading hands.

A number of other analysts have also issued reports on SMMT. HC Wainwright lifted their price objective on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Citigroup boosted their price objective on shares of Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, September 9th.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Aristides Capital LLC bought a new position in Summit Therapeutics during the 4th quarter valued at $210,000. Sectoral Asset Management Inc. lifted its position in shares of Summit Therapeutics by 50.0% during the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after purchasing an additional 10,000 shares during the last quarter. Wealth Management Partners LLC grew its stake in Summit Therapeutics by 193.3% in the first quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock worth $182,000 after purchasing an additional 29,000 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its stake in Summit Therapeutics by 66.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock worth $558,000 after purchasing an additional 53,774 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Summit Therapeutics by 131.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock valued at $168,000 after buying an additional 22,977 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Up 0.8 %

The company has a 50 day simple moving average of $14.88 and a 200-day simple moving average of $8.82. The stock has a market cap of $16.01 billion, a price-to-earnings ratio of -142.56 and a beta of -0.99.

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

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.