Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 16.9% Following Better-Than-Expected Earnings

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) shot up 16.9% during trading on Friday following a stronger than expected earnings report. The company traded as high as $29.03 and last traded at $28.83. 1,921,044 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 3,466,594 shares. The stock had previously closed at $24.67.

The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Monday, April 28th. Evercore ISI assumed coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price objective for the company. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Finally, Truist Financial began coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective on the stock. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $37.40.

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Kingsview Wealth Management LLC purchased a new position in shares of Summit Therapeutics during the 1st quarter worth approximately $894,000. Florida Financial Advisors LLC bought a new stake in shares of Summit Therapeutics during the first quarter valued at approximately $252,000. CWM LLC grew its stake in Summit Therapeutics by 3,455.3% in the first quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after purchasing an additional 1,624 shares during the period. Cerity Partners LLC raised its holdings in Summit Therapeutics by 0.4% in the first quarter. Cerity Partners LLC now owns 113,654 shares of the company’s stock worth $2,192,000 after purchasing an additional 440 shares in the last quarter. Finally, U.S. Capital Wealth Advisors LLC bought a new position in Summit Therapeutics in the first quarter worth $232,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

The firm has a market cap of $20.58 billion, a PE ratio of -99.64 and a beta of -0.46. The firm has a 50-day simple moving average of $21.36 and a 200 day simple moving average of $20.28.

Summit Therapeutics Company Profile

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.