Summit Therapeutics (NASDAQ:SMMT) Trading 3.8% Higher – What’s Next?

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

Analysts Set New Price Targets

A number of research firms have issued reports on SMMT. Stifel Nicolaus raised their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. HC Wainwright reiterated a “buy” rating and issued a $45.00 price objective on shares of Summit Therapeutics in a research report on Friday, October 4th. Finally, Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and upped 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 has a 50-day simple moving average of $17.91 and a 200-day simple moving average of $10.53.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. Sell-side analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SMMT. Griffin Asset Management Inc. acquired a new stake in Summit Therapeutics in the third quarter worth approximately $1,484,000. Millennium Management LLC bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth $15,154,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Summit Therapeutics by 131.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock valued at $168,000 after buying an additional 22,977 shares during the period. SG Americas Securities LLC bought a new position in Summit Therapeutics during the third quarter valued at about $717,000. Finally, Squarepoint Ops LLC grew its holdings in Summit Therapeutics by 192.2% during the second quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock worth $671,000 after acquiring an additional 56,614 shares during the period. Institutional investors and hedge funds 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.