Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 7.1% – Here’s Why

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price traded up 7.1% during trading on Wednesday. The company traded as high as $17.19 and last traded at $17.5570. Approximately 3,341,360 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 4,496,917 shares. The stock had previously closed at $16.39.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SMMT shares. Summit Redstone set a $25.00 target price on Summit Therapeutics in a research report on Wednesday, September 9th. Guggenheim reiterated a “buy” rating on shares of Summit Therapeutics in a research report on Wednesday, August 26th. Morgan Stanley lowered Summit Therapeutics to an “outperform” rating in a report on Tuesday. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research report on Tuesday, September 22nd. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Summit Therapeutics in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.45.

Summit Therapeutics Stock Up 6.8%

The firm has a 50 day simple moving average of $14.97 and a two-hundred day simple moving average of $16.33. The stock has a market capitalization of $13.96 billion, a P/E ratio of -15.63 and a beta of -1.24.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). On average, research analysts predict that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Ball & Co Wealth Management Inc. bought a new position in Summit Therapeutics in the 1st quarter valued at $28,000. Parallel Advisors LLC increased its stake in Summit Therapeutics by 4,178.0% in the 1st quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after acquiring an additional 2,089 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Summit Therapeutics by 24.4% in the 1st quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock valued at $71,000 after acquiring an additional 732 shares in the last quarter. Osterweis Capital Management Inc. bought a new stake in shares of Summit Therapeutics during the 2nd quarter valued at about $73,000. Finally, Havemeyer Place LP purchased a new position in shares of Summit Therapeutics during the fourth quarter worth about $109,000. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition targeting PD-1 with anti-angiogenic activity targeting VEGF. Summit is evaluating ivonescimab in clinical studies for multiple solid tumors, including non-small cell lung cancer.

Summit obtained exclusive rights from Akeso, Inc to develop and commercialize ivonescimab in markets outside China, including the United States and other international territories.