Summit Therapeutics (NASDAQ:SMMT) Trading 6.5% Higher – What’s Next?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) shot up 6.5% during trading on Friday . The stock traded as high as $19.34 and last traded at $19.37. 1,595,793 shares were traded during trading, a decline of 31% from the average session volume of 2,329,394 shares. The stock had previously closed at $18.19.

Analyst Ratings Changes

Several research analysts have recently weighed in on SMMT shares. Truist Financial assumed coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 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 target price for the company. HC Wainwright restated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Monday, November 18th. Stifel Nicolaus lifted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.57.

Summit Therapeutics Stock Performance

The company has a market capitalization of $14.17 billion, a P/E ratio of -68.80 and a beta of -0.87. The business has a fifty day moving average of $18.64 and a 200-day moving average of $16.73.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds have recently modified their holdings of the company. Darwin Wealth Management LLC purchased a new stake in shares of Summit Therapeutics during the third quarter valued at approximately $25,000. Covestor Ltd increased its position in shares of Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Summit Therapeutics during the 4th quarter worth $29,000. Fred Alger Management LLC purchased a new position in shares of Summit Therapeutics in the 3rd quarter worth about $105,000. Finally, Avanza Fonder AB purchased a new position in shares of Summit Therapeutics in the 4th quarter worth about $115,000. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

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.