Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up to $10.78

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) gapped up prior to trading on Monday . The stock had previously closed at $10.78, but opened at $11.25. Summit Therapeutics shares last traded at $10.95, with a volume of 197,405 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SMMT shares. HC Wainwright began coverage on Summit Therapeutics in a research note on Monday. They set a “buy” rating and a $16.00 price target on the stock. Stifel Nicolaus increased their target price on Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Monday, June 3rd. Finally, Citigroup lifted their price target on Summit Therapeutics from $7.00 to $13.00 and gave the company a “buy” rating in a report on Friday, May 31st.

Summit Therapeutics Price Performance

The company has a current ratio of 6.97, a quick ratio of 6.97 and a debt-to-equity ratio of 2.26. The company has a market capitalization of $8.06 billion, a PE ratio of -72.31 and a beta of -0.97. The company’s 50 day moving average price is $8.77 and its 200-day moving average price is $5.85.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Summit Therapeutics by 3.6% during the first 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. TD Asset Management Inc purchased a new stake in shares of Summit Therapeutics during the 2nd quarter valued at about $2,081,000. China Universal Asset Management Co. Ltd. lifted its position in Summit Therapeutics by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock worth $558,000 after acquiring an additional 53,774 shares in the last quarter. Hoylecohen LLC boosted its holdings in Summit Therapeutics by 2.4% in the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock worth $674,000 after acquiring an additional 2,000 shares during the period. Finally, Aristides Capital LLC purchased a new position in shares of Summit Therapeutics in the fourth quarter valued at $210,000. 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.