Summit Therapeutics (NASDAQ:SMMT) Shares Up 6.1% – What’s Next?

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price was up 6.1% on Monday. The company traded as high as $15.42 and last traded at $15.5240. Approximately 1,062,067 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 4,608,005 shares. The stock had previously closed at $14.63.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SMMT shares. Stifel Nicolaus cut their price objective on shares of Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, July 24th. Citigroup restated a “buy” rating and issued a $43.00 price objective (up from $40.00) on shares of Summit Therapeutics in a research note on Friday, September 25th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Tuesday, September 22nd. Jefferies Financial Group reaffirmed a “buy” rating and set a $30.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 29th. Finally, Barclays upped their price target on Summit Therapeutics from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Thursday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $28.61.

Summit Therapeutics Stock Performance

The firm has a market capitalization of $12.58 billion, a PE ratio of -14.01 and a beta of -1.51. The stock’s 50 day simple moving average is $15.75 and its two-hundred day simple moving average is $16.36.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Equities research analysts expect that Summit Therapeutics PLC will post -1.20 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp grew its stake in shares of Summit Therapeutics by 24.4% during the first quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock worth $71,000 after purchasing an additional 732 shares in the last quarter. Tidal Investments LLC lifted its stake in Summit Therapeutics by 0.7% in the second quarter. Tidal Investments LLC now owns 121,097 shares of the company’s stock valued at $1,764,000 after buying an additional 783 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Summit Therapeutics by 61.7% in the third quarter. GAMMA Investing LLC now owns 2,697 shares of the company’s stock valued at $46,000 after buying an additional 1,029 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of Summit Therapeutics by 792.3% in the third quarter. IFP Advisors Inc now owns 1,508 shares of the company’s stock valued at $26,000 after purchasing an additional 1,339 shares during the period. Finally, CX Institutional increased its stake in shares of Summit Therapeutics by 244.8% during the third quarter. CX Institutional now owns 2,038 shares of the company’s stock worth $34,000 after acquiring an additional 1,447 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

About Summit Therapeutics

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.