Summit Therapeutics (NASDAQ:SMMT) Trading 4.2% Higher

Summit Therapeutics Inc. (NASDAQ:SMMT) traded up 4.2% on Friday . The company traded as high as $24.25 and last traded at $24.13. 1,434,569 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 3,624,440 shares. The stock had previously closed at $23.16.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SMMT. Citigroup boosted their price objective on Summit Therapeutics from $13.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, September 9th. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $14.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Finally, HC Wainwright upped their price target on Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research report on Monday.

Summit Therapeutics Price Performance

The business’s 50 day simple moving average is $13.75 and its 200 day simple moving average is $8.27. The company has a market capitalization of $17.48 billion, a PE ratio of -152.56 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. As a group, analysts anticipate that Summit Therapeutics Inc. will post -0.27 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. Millennium Management LLC purchased a new stake in shares of Summit Therapeutics during the 2nd quarter worth approximately $15,154,000. TD Asset Management Inc purchased a new position in shares of Summit Therapeutics in the 2nd quarter valued at approximately $2,081,000. Vanguard Group Inc. increased its holdings in shares of Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after purchasing an additional 254,261 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Summit Therapeutics by 167.2% during the second quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock worth $1,607,000 after purchasing an additional 128,934 shares during the period. Finally, Aristides Capital LLC purchased a new position in Summit Therapeutics in the 4th quarter valued at $210,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

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.