Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up to $6.89

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $6.89, but opened at $7.11. Summit Therapeutics shares last traded at $7.00, with a volume of 213,745 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Citigroup raised their price target on Summit Therapeutics from $7.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, June 3rd.

Summit Therapeutics Stock Performance

The stock has a fifty day simple moving average of $6.20 and a 200-day simple moving average of $4.61. The stock has a market cap of $4.86 billion, a P/E ratio of -43.44 and a beta of -0.97. The company has a debt-to-equity ratio of 2.26, a quick ratio of 6.97 and a current ratio of 6.97.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Wednesday, May 1st. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. On average, equities analysts expect that Summit Therapeutics Inc. will post -0.26 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its stake in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after buying an additional 3,579 shares during the period. Virtu Financial LLC increased its position in Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after buying an additional 3,846 shares during the period. Alpine Global Management LLC grew its position in shares of Summit Therapeutics by 16.7% during the 1st quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock worth $145,000 after purchasing an additional 5,000 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Summit Therapeutics by 18.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock valued at $138,000 after buying an additional 5,139 shares during the period. Finally, ProShare Advisors LLC lifted its position in shares of Summit Therapeutics by 9.4% during the 1st quarter. ProShare Advisors LLC now owns 69,995 shares of the company’s stock valued at $290,000 after acquiring an additional 6,035 shares during the period. 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.