Summit Therapeutics (NASDAQ:SMMT) Sees Strong Trading Volume – Time to Buy?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) saw unusually-high trading volume on Monday . Approximately 6,181,996 shares were traded during mid-day trading, an increase of 84% from the previous session’s volume of 3,353,027 shares.The stock last traded at $15.5150 and had previously closed at $17.54.

Analyst Upgrades and Downgrades

SMMT has been the topic of a number of research reports. Truist Financial upgraded shares of Summit Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Monday. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $26.05.

Summit Therapeutics Trading Down 5.7%

The business’s 50 day simple moving average is $19.06 and its 200 day simple moving average is $17.57. The firm has a market capitalization of $12.84 billion, a PE ratio of -10.34 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. Analysts forecast that Summit Therapeutics PLC will post -1.17 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its holdings in Summit Therapeutics by 25.4% during the 1st quarter. Bank of America Corp DE now owns 598,692 shares of the company’s stock valued at $11,351,000 after buying an additional 121,299 shares in the last quarter. Royal Bank of Canada lifted its holdings in Summit Therapeutics by 132.2% during the 1st quarter. Royal Bank of Canada now owns 7,422 shares of the company’s stock valued at $141,000 after buying an additional 4,226 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Summit Therapeutics by 34.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company’s stock valued at $11,240,000 after buying an additional 151,857 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in Summit Therapeutics by 415.5% during the 1st quarter. Quantinno Capital Management LP now owns 73,835 shares of the company’s stock valued at $1,400,000 after buying an additional 59,512 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in Summit Therapeutics by 95.6% during the 1st quarter. Sei Investments Co. now owns 19,681 shares of the company’s stock valued at $373,000 after buying an additional 9,618 shares in the last quarter. Institutional investors own 4.61% of the company’s stock.

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.