Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 3.8% – Should You Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) rose 3.8% during mid-day trading on Tuesday . The company traded as high as $21.17 and last traded at $21.01. Approximately 786,014 shares were traded during trading, a decline of 79% from the average daily volume of 3,725,964 shares. The stock had previously closed at $20.25.

Analysts Set New Price Targets

SMMT has been the topic of a number of analyst reports. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. HC Wainwright restated a “buy” rating and set a $45.00 target price on shares of Summit Therapeutics in a research report on Friday, October 4th. Finally, Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their target price for the stock from $19.00 to $23.00 in a research report on Friday, September 27th.

Summit Therapeutics Stock Performance

The stock’s fifty day simple moving average is $17.38 and its two-hundred day simple moving average is $10.31. The company has a market cap of $15.79 billion, a price-to-earnings ratio of -93.52 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Analysts predict that Summit Therapeutics Inc. will post -0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. raised its stake in shares of Summit Therapeutics by 142.2% in the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after acquiring an additional 3,579 shares during the period. Willis Investment Counsel purchased a new position in shares of Summit Therapeutics in the 3rd quarter valued at $219,000. Fullcircle Wealth LLC purchased a new position in shares of Summit Therapeutics in the 2nd quarter valued at $95,000. XTX Topco Ltd purchased a new stake in Summit Therapeutics during the 2nd quarter worth $121,000. Finally, Creative Planning increased its stake in Summit Therapeutics by 45.0% during the 3rd quarter. Creative Planning now owns 15,633 shares of the company’s stock worth $342,000 after buying an additional 4,851 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.