Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Should You Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $17.97, but opened at $18.86. Summit Therapeutics shares last traded at $18.89, with a volume of 256,642 shares trading hands.

Analyst Ratings Changes

Several research analysts have commented on SMMT shares. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th. JMP Securities initiated coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price on the stock. Stifel Nicolaus increased their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company initiated coverage on Summit Therapeutics in a research report on Wednesday. They set an “overweight” rating and a $30.00 price objective on the stock. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.33.

Summit Therapeutics Trading Down 4.8 %

The company has a fifty day simple moving average of $19.66 and a 200 day simple moving average of $14.86.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter valued at about $25,000. Covestor Ltd lifted its stake in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares during the period. Fred Alger Management LLC bought a new position in shares of Summit Therapeutics during the 3rd quarter worth approximately $105,000. Willis Investment Counsel acquired a new stake in shares of Summit Therapeutics during the 3rd quarter worth approximately $219,000. Finally, Fullcircle Wealth LLC bought a new stake in shares of Summit Therapeutics in the 2nd quarter valued at $95,000. Institutional investors and hedge funds 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.