Summit Therapeutics (NASDAQ:SMMT) Trading Up 6.5% – What’s Next?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) were up 6.5% during mid-day trading on Friday . The stock traded as high as $16.72 and last traded at $16.4690. Approximately 807,006 shares changed hands during trading, a decline of 69% from the average daily volume of 2,640,963 shares. The stock had previously closed at $15.46.

Analysts Set New Price Targets

SMMT has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Thursday, January 22nd. Piper Sandler set a $40.00 price target on Summit Therapeutics in a research report on Wednesday, January 14th. Wolfe Research started coverage on Summit Therapeutics in a report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Summit Redstone set a $18.00 price objective on Summit Therapeutics in a report on Wednesday, December 17th. Finally, HC Wainwright cut their price objective on Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.25.

Summit Therapeutics Trading Up 4.3%

The firm’s 50-day moving average is $16.06 and its two-hundred day moving average is $18.19. The stock has a market cap of $12.50 billion, a price-to-earnings ratio of -11.12 and a beta of -1.43.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). On average, analysts predict that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC boosted its stake in shares of Summit Therapeutics by 5.0% in the first quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock worth $1,266,000 after acquiring an additional 3,134 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock valued at $1,273,000 after purchasing an additional 694 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in Summit Therapeutics in the 2nd quarter valued at $2,012,000. Bank of New York Mellon Corp lifted its holdings in Summit Therapeutics by 0.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 343,524 shares of the company’s stock valued at $7,310,000 after purchasing an additional 2,749 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its holdings in Summit Therapeutics by 34.1% in 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. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.