Summit Therapeutics (NASDAQ:SMMT) Trading 4.1% Higher

Summit Therapeutics Inc. (NASDAQ:SMMT) traded up 4.1% during mid-day trading on Monday . The company traded as high as $8.14 and last traded at $8.12. 257,370 shares traded hands during trading, a decline of 92% from the average session volume of 3,198,653 shares. The stock had previously closed at $7.80.

Analyst Upgrades and Downgrades

SMMT has been the subject of several research reports. Citigroup lifted their target price on shares of Summit Therapeutics from $7.00 to $13.00 and gave the company a “buy” rating in a report on Friday, May 31st. Stifel Nicolaus lifted their target price on shares of Summit Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a report on Monday, June 3rd.

Summit Therapeutics Price Performance

The company has a debt-to-equity ratio of 2.26, a current ratio of 6.97 and a quick ratio of 6.97. The company’s fifty day moving average is $6.07 and its two-hundred day moving average is $4.58.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. On average, sell-side analysts expect that Summit Therapeutics Inc. will post -0.26 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. boosted its position in Summit Therapeutics by 142.2% in the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after buying an additional 3,579 shares during the period. Federated Hermes Inc. purchased a new stake in shares of Summit Therapeutics during the 3rd quarter worth $33,000. Wealth Management Partners LLC purchased a new stake in shares of Summit Therapeutics during the 4th quarter worth $39,000. Tower Research Capital LLC TRC lifted its position in shares of Summit Therapeutics by 212.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock worth $55,000 after purchasing an additional 14,384 shares during the last quarter. Finally, Sectoral Asset Management Inc. lifted its position in shares of Summit Therapeutics by 50.0% during the 4th quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after purchasing an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.