Summit Therapeutics (NASDAQ:SMMT) Trading Up 9.5% – Still a Buy?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) traded up 9.5% during trading on Wednesday . The stock traded as high as $20.25 and last traded at $20.26. 575,632 shares changed hands during trading, a decline of 77% from the average session volume of 2,483,099 shares. The stock had previously closed at $18.50.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, February 25th. The Goldman Sachs Group initiated coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They issued a “buy” rating and a $42.00 target price for the company. Evercore ISI assumed coverage on Summit Therapeutics in a research report on Wednesday. They set an “outperform” rating and a $30.00 price target on the stock. Wells Fargo & Company assumed coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective for the company. Finally, Jefferies Financial Group initiated coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.11.

Summit Therapeutics Price Performance

The stock has a fifty day moving average of $20.07 and a 200 day moving average of $19.67. The stock has a market cap of $14.16 billion, a price-to-earnings ratio of -68.53 and a beta of -1.03.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $0.20 million during the quarter. As a group, equities analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors have recently modified their holdings of the stock. Baker BROS. Advisors LP grew its holdings in Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after acquiring an additional 1,202,643 shares during the period. Vanguard Group Inc. grew its stake in shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock worth $208,261,000 after purchasing an additional 724,040 shares during the period. FMR LLC increased its holdings in shares of Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after purchasing an additional 737,692 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Summit Therapeutics by 20.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock valued at $116,995,000 after purchasing an additional 1,118,270 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock worth $57,133,000 after buying an additional 101,039 shares in 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.