Summit Therapeutics (NASDAQ:SMMT) Shares Break Above 200-Day Moving Average - Should You Sell?

Key Points

• Summit Therapeutics shares rose above their 200-day moving average, trading as high as $16.36 before closing at $16.33 on volume of about 5.8 million shares.
• Analysts collectively rate SMMT a Moderate Buy, with a consensus price target of $28.61; ratings include one Strong Buy, ten Buys, seven Holds and one Sell.
• Institutional investors including BlackRock and Candriam recently added or initiated positions; institutions collectively own 4.61% of the company’s shares.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) shares passed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $16.15 and traded as high as $16.36. Summit Therapeutics shares last traded at $16.33, with a volume of 5,783,922 shares.

Analyst Upgrades and Downgrades

Several research firms recently commented on SMMT. Jefferies Financial Group reissued a "buy" rating on shares of Summit Therapeutics in a research note on Monday, October 26th. Morgan Stanley downgraded Summit Therapeutics to an "outperform" rating in a research note on Tuesday, September 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Summit Therapeutics in a report on Thursday, October 15th. Guggenheim reiterated a "buy" rating on shares of Summit Therapeutics in a report on Wednesday, August 26th. Finally, Citigroup reissued a "market outperform" rating on shares of Summit Therapeutics in a report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.61.

Summit Therapeutics Price Performance

The company's 50-day moving average price is $16.25 and its 200-day moving average price is $16.15. The company has a market cap of $13.06 billion, a P/E ratio of -15.26 and a beta of -1.49.

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Summit Therapeutics in the second quarter valued at $138,838,000. Candriam S.C.A. boosted its stake in Summit Therapeutics by 212.3% in the 3rd quarter. Candriam S.C.A. now owns 1,662,969 shares of the company's stock worth $28,224,000 after purchasing an additional 1,130,537 shares during the period. Bank of America Corp DE bought a new stake in Summit Therapeutics during the 2nd quarter valued at approximately $12,603,000. The Manufacturers Life Insurance Company grew its holdings in Summit Therapeutics by 34.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company's stock worth $11,240,000 after acquiring an additional 151,857 shares during the last quarter. Finally, Simplify Asset Management Inc. bought a new position in Summit Therapeutics in the third quarter valued at approximately $8,626,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Company Profile

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company's primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit's lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.