Summit Therapeutics (NASDAQ:SMMT) Stock Jumps 3.6% – What’s Next?

Summit Therapeutics PLC (NASDAQ:SMMT) traded up 3.6% on Wednesday. The stock traded as high as $17.60 and last traded at $17.9250. Approximately 1,533,130 shares changed hands during trading, a decline of 66% from the average session volume of 4,563,879 shares. The stock had previously closed at $17.31.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SMMT shares. The Goldman Sachs Group set a $41.00 target price on shares of Summit Therapeutics and gave the company a “buy” rating in a research note on Tuesday, September 29th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Summit Therapeutics in a research note on Monday. Barclays upped their price objective on shares of Summit Therapeutics from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 1st. Morgan Stanley cut Summit Therapeutics to an “outperform” rating in a report on Tuesday, September 29th. Finally, Stifel Nicolaus reduced their price objective on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Summit Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $28.61.

Summit Therapeutics Stock Performance

The stock has a 50-day moving average of $15.28 and a 200-day moving average of $16.37. The firm has a market cap of $14.42 billion, a price-to-earnings ratio of -16.11 and a beta of -1.51.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Sell-side analysts predict that Summit Therapeutics PLC will post -1.2 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. CX Institutional grew its stake in Summit Therapeutics by 244.8% in the third quarter. CX Institutional now owns 2,038 shares of the company’s stock valued at $34,000 after purchasing an additional 1,447 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of Summit Therapeutics by 0.7% in the 2nd quarter. Tidal Investments LLC now owns 121,097 shares of the company’s stock valued at $1,764,000 after buying an additional 783 shares during the last quarter. Engineers Gate Manager LP bought a new position in shares of Summit Therapeutics in the second quarter valued at $989,000. Nykredit A S bought a new position in shares of Summit Therapeutics in the second quarter valued at $111,000. Finally, AXQ Capital LP raised its position in Summit Therapeutics by 98.1% during the second quarter. AXQ Capital LP now owns 93,624 shares of the company’s stock worth $1,364,000 after acquiring an additional 46,356 shares in the last quarter. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition targeting PD-1 with anti-angiogenic activity targeting VEGF. Summit is evaluating ivonescimab in clinical studies for multiple solid tumors, including non-small cell lung cancer.

Summit obtained exclusive rights from Akeso, Inc to develop and commercialize ivonescimab in markets outside China, including the United States and other international territories.