Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 3.3% – Time to Buy?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) traded up 3.3% during trading on Wednesday . The stock traded as high as $18.83 and last traded at $18.76. 302,398 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,617,317 shares. The stock had previously closed at $18.16.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SMMT shares. Stifel Nicolaus raised their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. JMP Securities began coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective for the company. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price target for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. Finally, Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Price Performance

The company’s 50-day moving average is $18.82 and its 200-day moving average is $16.36. The firm has a market capitalization of $13.64 billion, a price-to-earnings ratio of -66.03 and a beta of -0.87.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently added to or reduced their stakes in SMMT. Millennium Management LLC acquired a new stake in Summit Therapeutics during the 2nd quarter valued at $15,154,000. Baker BROS. Advisors LP boosted its holdings in Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares during the last quarter. abrdn plc acquired a new stake in Summit Therapeutics during the 3rd quarter valued at approximately $24,885,000. FMR LLC increased its holdings in Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after purchasing an additional 737,692 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Summit Therapeutics by 53.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after purchasing an additional 497,984 shares during the last quarter. Hedge funds and other institutional investors 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.