Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 7.1% – What’s Next?

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price traded up 7.1% during trading on Wednesday. The stock traded as high as $17.19 and last traded at $17.5570. 3,341,360 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 4,496,917 shares. The stock had previously closed at $16.39.

Analyst Upgrades and Downgrades

SMMT has been the topic of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research note on Tuesday, September 22nd. Guggenheim reiterated a “buy” rating on shares of Summit Therapeutics in a research report on Wednesday, August 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Friday, July 17th. HC Wainwright restated a “neutral” rating on shares of Summit Therapeutics in a research report on Wednesday. Finally, UBS Group reaffirmed a “neutral” rating on shares of Summit Therapeutics in a research note on Wednesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.45.

Summit Therapeutics Price Performance

The firm’s 50 day moving average price is $14.97 and its two-hundred day moving average price is $16.33. The firm has a market cap of $13.96 billion, a price-to-earnings ratio of -15.63 and a beta of -1.24.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). On average, analysts anticipate that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics in the 1st quarter valued at about $28,000. Parallel Advisors LLC increased its stake in shares of Summit Therapeutics by 4,178.0% during the first quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock valued at $41,000 after acquiring an additional 2,089 shares during the period. Fifth Third Bancorp grew its holdings in Summit Therapeutics by 24.4% during the first quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock worth $71,000 after acquiring an additional 732 shares during the period. Osterweis Capital Management Inc. bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth $73,000. Finally, Havemeyer Place LP purchased a new position in shares of Summit Therapeutics in the fourth quarter worth approximately $109,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition targeting PD-1 with anti-angiogenic activity targeting VEGF. Summit is evaluating ivonescimab in clinical studies for multiple solid tumors, including non-small cell lung cancer.

Summit obtained exclusive rights from Akeso, Inc to develop and commercialize ivonescimab in markets outside China, including the United States and other international territories.