Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 8.2% – What’s Next?

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price was up 8.2% on Thursday . The stock traded as high as $22.90 and last traded at $22.8540. Approximately 560,636 shares changed hands during trading, a decline of 79% from the average daily volume of 2,621,353 shares. The stock had previously closed at $21.12.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SMMT shares. Citizens Jmp reiterated a “market outperform” rating and issued a $40.00 price target on shares of Summit Therapeutics in a research report on Friday, January 30th. Jefferies Financial Group downgraded shares of Summit Therapeutics from a “buy” rating to a “hold” rating and decreased their price objective for the company from $42.00 to $15.00 in a research report on Monday, March 16th. HC Wainwright lowered their target price on shares of Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Thursday, January 22nd. Finally, Piper Sandler set a $40.00 price target on Summit Therapeutics in a research note on Wednesday, January 14th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $31.00.

Summit Therapeutics Stock Performance

The company has a market capitalization of $19.52 billion, a PE ratio of -17.34 and a beta of -1.36. The stock has a fifty day moving average of $17.06 and a 200 day moving average of $17.79.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Monday, February 23rd. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). As a group, equities analysts predict that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors have recently bought and sold shares of the stock. Crowley Wealth Management Inc. increased its holdings in Summit Therapeutics by 66.7% in the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after acquiring an additional 600 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Summit Therapeutics by 7.7% during the 3rd quarter. Amalgamated Bank now owns 8,552 shares of the company’s stock valued at $177,000 after purchasing an additional 609 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock valued at $1,273,000 after purchasing an additional 694 shares in the last quarter. Sei Investments Co. grew its position in shares of Summit Therapeutics by 3.3% during the third quarter. Sei Investments Co. now owns 27,163 shares of the company’s stock valued at $561,000 after purchasing an additional 860 shares in the last quarter. Finally, Levin Capital Strategies L.P. increased its holdings in shares of Summit Therapeutics by 2.7% in the fourth quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company’s stock worth $659,000 after purchasing an additional 1,000 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.