Summit Therapeutics (NASDAQ:SMMT) Shares Up 6.1% – Still a Buy?

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price was up 6.1% during trading on Monday. The company traded as high as $15.42 and last traded at $15.5240. 1,062,067 shares traded hands during trading, a decline of 77% from the average session volume of 4,608,005 shares. The stock had previously closed at $14.63.

Wall Street Analysts Forecast Growth

SMMT has been the topic of a number of research reports. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Summit Therapeutics in a report on Monday, October 5th. Guggenheim reiterated a “buy” rating on shares of Summit Therapeutics in a research report on Wednesday, August 26th. Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Summit Therapeutics in a report on Tuesday, September 29th. HC Wainwright reaffirmed a “buy” rating on shares of Summit Therapeutics in a research note on Thursday. Finally, Wall Street Zen upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Summit Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $28.61.

Summit Therapeutics Price Performance

The stock has a 50 day simple moving average of $15.75 and a 200-day simple moving average of $16.36. The firm has a market cap of $12.58 billion, a PE ratio of -14.01 and a beta of -1.51.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). As a group, equities analysts predict that Summit Therapeutics PLC will post -1.20 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently bought and sold shares of the business. IFP Advisors Inc raised its position in shares of Summit Therapeutics by 792.3% during the third quarter. IFP Advisors Inc now owns 1,508 shares of the company’s stock valued at $26,000 after buying an additional 1,339 shares during the last quarter. Ball & Co Wealth Management Inc. purchased a new position in shares of Summit Therapeutics during the 1st quarter worth about $28,000. Toth Financial Advisory Corp purchased a new position in shares of Summit Therapeutics during the third quarter valued at approximately $30,000. CX Institutional grew its position in Summit Therapeutics by 244.8% in the 3rd quarter. CX Institutional now owns 2,038 shares of the company’s stock valued at $34,000 after acquiring an additional 1,447 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of Summit Therapeutics by 4,178.0% in the first quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after purchasing an additional 2,089 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.