Summit Therapeutics (NASDAQ:SMMT) Stock Jumps 3.6% - What's Next?

Key Points

• Summit Therapeutics shares rose 3.6% to about $17.93 during mid-day trading, although volume was 66% below the stock’s average daily level.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $28.61, implying substantial upside from the trading price.
• The clinical-stage biopharmaceutical company is developing ivonescimab, an investigational treatment targeting multiple solid tumors, including non-small cell lung cancer; its latest quarterly loss slightly exceeded analyst expectations.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) shares shot up 3.6% during mid-day trading on Wednesday. The stock traded as high as $17.60 and last traded at $17.9250. Approximately 1,533,130 shares changed hands during trading, a decline of 66% from the average daily volume of 4,563,879 shares. The stock had previously closed at $17.31.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SMMT shares. The Goldman Sachs Group set a $41.00 price target on Summit Therapeutics and gave the company a "buy" rating in a report on Tuesday, September 29th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Tuesday, September 22nd. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, September 5th. Morgan Stanley lowered shares of Summit Therapeutics to an "outperform" rating in a research report on Tuesday, September 29th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Summit Therapeutics in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $28.61.

Summit Therapeutics Trading Up 4.4%

The stock has a market cap of $14.42 billion, a price-to-earnings ratio of -16.11 and a beta of -1.51. The company has a fifty day simple moving average of $15.28 and a 200-day simple moving average of $16.37.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). As a group, analysts anticipate that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of large investors have recently made changes to their positions in the business. Baker BROS. Advisors LP grew its stake in shares of Summit Therapeutics by 7.9% in the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company's stock valued at $636,480,000 after buying an additional 2,668,089 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $6,284,000. BlackRock Inc. acquired a new position in Summit Therapeutics during the second quarter valued at approximately $138,838,000. Polymer Capital Management HK LTD lifted its stake in shares of Summit Therapeutics by 73.9% in the fourth quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company's stock worth $24,856,000 after buying an additional 603,879 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Summit Therapeutics in the first quarter worth $2,269,000. Institutional investors and hedge funds own 4.61% of the company's stock.

About Summit Therapeutics

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments. The company's lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition targeting PD-1 with anti-angiogenic activity targeting VEGF. Summit is evaluating ivonescimab in clinical studies for multiple solid tumors, including non-small cell lung cancer.

Summit obtained exclusive rights from Akeso, Inc to develop and commercialize ivonescimab in markets outside China, including the United States and other international territories.

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