Summit Therapeutics (NASDAQ:SMMT) Sees Large Volume Increase

Summit Therapeutics Inc. (NASDAQ:SMMT) shares saw unusually-high trading volume on Monday . Approximately 3,826,217 shares changed hands during trading, an increase of 4% from the previous session’s volume of 3,670,113 shares.The stock last traded at $22.41 and had previously closed at $24.39.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SMMT. Citigroup increased their price target on Summit Therapeutics from $13.00 to $19.00 and gave the company a “buy” rating in a research note on Monday, September 9th. HC Wainwright increased their target price on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, Stifel Nicolaus boosted their price target on shares of Summit Therapeutics from $14.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, September 9th.

Summit Therapeutics Trading Down 11.3 %

The company has a market cap of $15.19 billion, a price-to-earnings ratio of -141.94 and a beta of -0.99. The stock’s 50-day moving average is $14.06 and its 200-day moving average is $8.46.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. As a group, analysts predict that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC bought a new position in shares of Summit Therapeutics in the 2nd quarter worth $15,154,000. TD Asset Management Inc bought a new stake in Summit Therapeutics during the 2nd quarter valued at $2,081,000. Vanguard Group Inc. lifted its stake 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 buying an additional 254,261 shares in the last quarter. The Manufacturers Life Insurance Company grew 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 valued at $1,607,000 after buying an additional 128,934 shares during the last quarter. Finally, Aristides Capital LLC acquired a new position in shares of Summit Therapeutics during the fourth quarter valued at about $210,000. Institutional investors and hedge funds 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.