Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Still a Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $21.56, but opened at $22.39. Summit Therapeutics shares last traded at $22.66, with a volume of 720,294 shares.

Analysts Set New Price Targets

A number of analysts recently commented on SMMT shares. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, April 28th. TD Cowen upgraded shares of Summit Therapeutics to a “strong-buy” rating in a research report on Thursday, May 8th. Citigroup upgraded Summit Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. Summit Redstone set a $35.00 price objective on Summit Therapeutics in a report on Wednesday, March 26th. Finally, Evercore ISI started coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 target price for the company. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $37.40.

Summit Therapeutics Price Performance

The stock has a market cap of $16.31 billion, a PE ratio of -79.05 and a beta of -1.06. The stock has a 50-day simple moving average of $23.45 and a 200-day simple moving average of $20.90.

Summit Therapeutics (NASDAQ:SMMT) last released 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. As a group, equities research analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Golden State Wealth Management LLC increased its position in shares of Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after acquiring an additional 751 shares in the last quarter. National Bank of Canada FI purchased a new stake in Summit Therapeutics during the 4th quarter worth $30,000. CWM LLC increased its holdings in Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock valued at $32,000 after purchasing an additional 1,624 shares in the last quarter. Steward Partners Investment Advisory LLC raised its position in Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after purchasing an additional 900 shares during the period. Finally, AlphaQuest LLC purchased a new position in Summit Therapeutics in the first quarter valued at about $49,000. 4.61% of the stock is owned by institutional investors and hedge funds.

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.