Summit Therapeutics (NASDAQ:SMMT) Sees Unusually-High Trading Volume - What's Next?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) shares saw unusually-strong trading volume on Monday . Approximately 5,000,946 shares traded hands during trading, an increase of 37% from the previous session's volume of 3,644,728 shares.The stock last traded at $17.03 and had previously closed at $18.22.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SMMT shares. JMP Securities reissued a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Monday. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the stock a "buy" rating in a report on Friday, April 25th. The Goldman Sachs Group boosted their price target on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Finally, TD Cowen upgraded shares of Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $37.40.

Summit Therapeutics Stock Up 0.9%

The stock has a market cap of $14.65 billion, a P/E ratio of -70.46 and a beta of -0.94. The stock has a fifty day simple moving average of $23.38 and a 200-day simple moving average of $20.84.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. Sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors have recently modified their holdings of SMMT. Janney Montgomery Scott LLC lifted its holdings in shares of Summit Therapeutics by 39.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 15,716 shares of the company's stock valued at $280,000 after purchasing an additional 4,443 shares in the last quarter. abrdn plc raised its position in Summit Therapeutics by 13.6% in the 4th quarter. abrdn plc now owns 1,290,425 shares of the company's stock valued at $23,028,000 after buying an additional 154,139 shares during the last quarter. Sovran Advisors LLC acquired a new stake in Summit Therapeutics in the 4th quarter valued at approximately $1,951,000. Rhumbline Advisers raised its position in Summit Therapeutics by 4.5% in the 4th quarter. Rhumbline Advisers now owns 125,202 shares of the company's stock valued at $2,234,000 after buying an additional 5,394 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Summit Therapeutics by 252.8% in the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after buying an additional 147,003 shares during the last quarter. 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.