Summit Therapeutics (NASDAQ:SMMT) Trading 12.1% Higher – Here’s What Happened

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price traded up 12.1% on Wednesday . The stock traded as high as $17.26 and last traded at $17.4210. 1,201,068 shares changed hands during trading, a decline of 54% from the average session volume of 2,593,409 shares. The stock had previously closed at $15.54.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SMMT shares. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Jefferies Financial Group lowered shares of Summit Therapeutics from a “buy” rating to a “hold” rating and reduced their price target for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. Barclays upgraded shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $16.00 to $18.00 in a report on Wednesday, December 17th. Summit Redstone set a $18.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, December 17th. Finally, Piper Sandler set a $40.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $29.83.

Summit Therapeutics Price Performance

The business has a 50 day simple moving average of $15.72 and a 200 day simple moving average of $17.73. The stock has a market cap of $13.58 billion, a PE ratio of -12.08 and a beta of -1.43.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). As a group, sell-side analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Crowley Wealth Management Inc. increased its stake in shares of Summit Therapeutics by 66.7% during the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock worth $31,000 after purchasing an additional 600 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Summit Therapeutics in the 4th quarter valued at $28,000. Parallel Advisors LLC bought a new stake in Summit Therapeutics in the third quarter worth $39,000. T. Rowe Price Investment Management Inc. boosted its holdings in Summit Therapeutics by 2,654.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after purchasing an additional 1,805 shares in the last quarter. Finally, Truvestments Capital LLC increased its position in Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after buying an additional 1,736 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.