Summit Therapeutics (NASDAQ:SMMT) Trading 0.4% Higher – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMT) shares shot up 0.4% during mid-day trading on Tuesday . The company traded as high as $20.87 and last traded at $20.58. 299,727 shares changed hands during trading, a decline of 92% from the average session volume of 3,706,334 shares. The stock had previously closed at $20.50.

Wall Street Analysts Forecast Growth

SMMT has been the subject of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $45.00 target price on shares of Summit Therapeutics in a research note on Friday, October 4th. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price objective for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, Stifel Nicolaus boosted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th.

Summit Therapeutics Stock Performance

The stock’s 50 day moving average is $18.90 and its 200-day moving average is $11.12.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. As a group, equities analysts forecast that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its position in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after buying an additional 3,579 shares during the last quarter. Virtu Financial LLC raised its stake in shares of Summit Therapeutics by 23.3% in the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after acquiring an additional 3,846 shares during the period. Fullcircle Wealth LLC bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth about $95,000. EntryPoint Capital LLC purchased a new position in shares of Summit Therapeutics during the 1st quarter worth about $100,000. Finally, XTX Topco Ltd bought a new position in Summit Therapeutics during the 2nd quarter valued at about $121,000. 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.