Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Here’s Why

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) gapped up before the market opened on Tuesday . The stock had previously closed at $17.73, but opened at $18.40. Summit Therapeutics shares last traded at $17.64, with a volume of 2,057,621 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Evercore ISI started coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price target on the stock. Summit Redstone set a $35.00 price target on Summit Therapeutics in a report on Wednesday, March 26th. JMP Securities restated a “market outperform” rating and set a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday. TD Cowen upgraded shares of Summit Therapeutics to a “strong-buy” rating in a research note on Thursday, May 8th. Finally, Jefferies Financial Group set a $44.00 price objective on Summit Therapeutics and gave the stock a “buy” rating in a research note on Friday, April 25th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Summit Therapeutics presently has an average rating of “Buy” and a consensus price target of $37.40.

Summit Therapeutics Stock Up 10.8%

The company has a 50 day moving average of $23.40 and a two-hundred day moving average of $20.85. The firm has a market cap of $14.59 billion, a P/E ratio of -70.14 and a beta of -0.94.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. Research analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN lifted its stake in Summit Therapeutics by 79.2% during the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company’s stock valued at $1,700,000 after buying an additional 42,090 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Summit Therapeutics by 252.8% during the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock valued at $3,661,000 after buying an additional 147,003 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Summit Therapeutics by 358.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company’s stock worth $3,664,000 after acquiring an additional 160,592 shares in the last quarter. abrdn plc grew its stake in Summit Therapeutics by 13.6% during the 4th quarter. abrdn plc now owns 1,290,425 shares of the company’s stock valued at $23,028,000 after acquiring an additional 154,139 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Summit Therapeutics by 10.5% in the fourth quarter. Bank of America Corp DE now owns 431,568 shares of the company’s stock worth $7,701,000 after purchasing an additional 40,908 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.