Summit Therapeutics (NASDAQ:SMMT) Stock Price Passes Above 50 Day Moving Average – What’s Next?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $17.63 and traded as high as $17.98. Summit Therapeutics shares last traded at $17.37, with a volume of 3,541,519 shares traded.

Wall Street Analyst Weigh In

SMMT has been the topic of a number of research reports. JMP Securities restated a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, October 20th. Citigroup increased their price objective on shares of Summit Therapeutics from $35.00 to $40.00 and gave the company a “buy” rating in a report on Monday, October 20th. Guggenheim reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, October 22nd. Piper Sandler set a $40.00 target price on shares of Summit Therapeutics in a report on Wednesday, January 14th. Finally, Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.08.

Summit Therapeutics Stock Up 3.1%

The stock has a market cap of $13.39 billion, a price-to-earnings ratio of -14.01 and a beta of -1.51. The stock’s fifty day moving average is $17.63 and its 200-day moving average is $21.04.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Monday, October 20th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.17). As a group, equities research analysts predict that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Ball & Co Wealth Management Inc. bought a new position in Summit Therapeutics during the second quarter worth about $31,000. Crowley Wealth Management Inc. raised its position in shares of Summit Therapeutics by 66.7% during the third quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock worth $31,000 after purchasing an additional 600 shares during the period. SBI Securities Co. Ltd. lifted its holdings in shares of Summit Therapeutics by 34.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock valued at $37,000 after purchasing an additional 447 shares in the last quarter. Parallel Advisors LLC acquired a new position in shares of Summit Therapeutics in the 3rd quarter valued at approximately $39,000. Finally, PNC Financial Services Group Inc. increased its stake in Summit Therapeutics by 325.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,638 shares of the company’s stock worth $56,000 after purchasing an additional 2,018 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.