Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 6.5% – Here’s What Happened

Summit Therapeutics PLC (NASDAQ:SMMT) traded up 6.5% on Friday . The stock traded as high as $16.72 and last traded at $16.4690. 807,006 shares traded hands during trading, a decline of 69% from the average session volume of 2,640,963 shares. The stock had previously closed at $15.46.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SMMT shares. Barclays upgraded Summit Therapeutics from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $16.00 to $18.00 in a research note on Wednesday, December 17th. Summit Redstone set a $18.00 price objective on Summit Therapeutics in a research report on Wednesday, December 17th. HC Wainwright decreased their target price on Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Citigroup restated a “buy” rating on shares of Summit Therapeutics in a research note on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Summit Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $32.25.

Summit Therapeutics Stock Performance

The firm has a market cap of $12.50 billion, a price-to-earnings ratio of -11.16 and a beta of -1.43. The business has a fifty day simple moving average of $16.09 and a 200-day simple moving average of $18.32.

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

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SMMT. Kestra Advisory Services LLC bought a new position in shares of Summit Therapeutics during the fourth quarter valued at $28,000. Crowley Wealth Management Inc. raised its position in Summit Therapeutics by 66.7% during the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock worth $31,000 after purchasing an additional 600 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after buying an additional 1,805 shares during the period. SBI Securities Co. Ltd. grew its position in shares of Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock valued at $37,000 after buying an additional 447 shares during the last quarter. Finally, Parallel Advisors LLC acquired a new stake in shares of Summit Therapeutics in the third quarter valued at about $39,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

About Summit Therapeutics

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.