Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 7.1% - What's Next?

Key Points

• Summit Therapeutics shares rose 7.1% to about $17.56 during Wednesday trading, though volume was 26% below the average session level.
• Analyst sentiment remains broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $28.45; ratings include one Strong Buy, nine Buys, eight Holds, and one Sell.
• The clinical-stage biotechnology company is developing ivonescimab, a bispecific antibody targeting multiple solid tumors, including non-small cell lung cancer. Its latest quarterly EPS of negative $0.28 narrowly missed the $0.27 loss consensus estimate.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report)'s share price traded up 7.1% during trading on Wednesday. The stock traded as high as $17.19 and last traded at $17.5570. 3,341,360 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 4,496,917 shares. The stock had previously closed at $16.39.

Analyst Upgrades and Downgrades

SMMT has been the topic of several analyst reports. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research note on Tuesday, September 22nd. Guggenheim reiterated a "buy" rating on shares of Summit Therapeutics in a research report on Wednesday, August 26th. Weiss Ratings restated a "sell (d-)" rating on shares of Summit Therapeutics in a research report on Friday, July 17th. HC Wainwright restated a "neutral" rating on shares of Summit Therapeutics in a research report on Wednesday. Finally, UBS Group reaffirmed a "neutral" rating on shares of Summit Therapeutics in a research note on Wednesday, September 23rd. One 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 assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.45.

Summit Therapeutics Price Performance

The firm's 50 day moving average price is $14.97 and its two-hundred day moving average price is $16.33. The firm has a market cap of $13.96 billion, a price-to-earnings ratio of -15.63 and a beta of -1.24.

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

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics in the 1st quarter valued at about $28,000. Parallel Advisors LLC increased its stake in shares of Summit Therapeutics by 4,178.0% during the first quarter. Parallel Advisors LLC now owns 2,139 shares of the company's stock valued at $41,000 after acquiring an additional 2,089 shares during the period. Fifth Third Bancorp grew its holdings in Summit Therapeutics by 24.4% during the first quarter. Fifth Third Bancorp now owns 3,732 shares of the company's stock worth $71,000 after acquiring an additional 732 shares during the period. Osterweis Capital Management Inc. bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth $73,000. Finally, Havemeyer Place LP purchased a new position in shares of Summit Therapeutics in the fourth quarter worth approximately $109,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

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.

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.