Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 3.8% – Should You Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price rose 3.8% on Tuesday . The company traded as high as $21.17 and last traded at $21.01. Approximately 786,014 shares were traded during trading, a decline of 79% from the average daily volume of 3,725,964 shares. The stock had previously closed at $20.25.

Analysts Set New Price Targets

SMMT has been the topic of a number of recent research reports. Stifel Nicolaus upped their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $45.00 price objective on shares of Summit Therapeutics in a research report on Friday, October 4th.

Summit Therapeutics Price Performance

The business’s 50 day moving average is $17.38 and its 200 day moving average is $10.31. The stock has a market cap of $15.79 billion, a price-to-earnings ratio of -93.52 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. As a group, analysts forecast that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SMMT. Millennium Management LLC purchased a new position in shares of Summit Therapeutics during the 2nd quarter worth approximately $15,154,000. TD Asset Management Inc purchased a new position in shares of Summit Therapeutics during the 2nd quarter worth approximately $2,081,000. Vanguard Group Inc. increased its stake in shares of Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after purchasing an additional 254,261 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Summit Therapeutics by 167.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock worth $1,607,000 after purchasing an additional 128,934 shares in the last quarter. Finally, AQR Capital Management LLC acquired a new stake in Summit Therapeutics during the second quarter worth approximately $484,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.