Summit Therapeutics (NASDAQ:SMMT) Shares Up 6.8% – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMT) shot up 6.8% on Thursday . The stock traded as high as $22.96 and last traded at $23.07. 2,353,404 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 2,263,370 shares. The stock had previously closed at $21.60.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SMMT. Jefferies Financial Group began coverage on Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. Truist Financial began coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Tuesday, January 21st. JMP Securities began coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock. Finally, Wells Fargo & Company began coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Trading Down 4.1 %

The business has a 50-day moving average price of $19.91 and a two-hundred day moving average price of $18.95. The firm has a market capitalization of $16.31 billion, a price-to-earnings ratio of -79.00 and a beta of -0.88.

Institutional Trading of Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Baker BROS. Advisors LP grew its holdings in Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after buying an additional 1,202,643 shares in the last quarter. abrdn plc bought a new position in Summit Therapeutics during the 3rd quarter valued at $24,885,000. Price T Rowe Associates Inc. MD boosted its stake in Summit Therapeutics by 20.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock valued at $116,995,000 after purchasing an additional 1,118,270 shares in the last quarter. FMR LLC boosted its stake in Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after purchasing an additional 737,692 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after purchasing an additional 724,040 shares in 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.