Summit Therapeutics (NASDAQ:SMMT) Sees Strong Trading Volume - Here's Why

Key Points

• Summit Therapeutics (NASDAQ:SMMT) saw an unusually high trading day with about 5,018,895 shares traded (up 81% from the prior session), and the stock was trading around $26.03 vs a prior close of $25.12.
• Analysts have been active and split: several firms set lofty targets (e.g., $45 and $40) while others cut forecasts (Jefferies to $15), leaving a MarketBeat consensus rating of "Moderate Buy" and a consensus price target of $31.00.
• The company recently reported a quarterly loss of ($0.29) EPS vs an expected ($0.22) and faces a negative EPS outlook (-1.31 for the year), though the stock trades well above its 50- and 200-day moving averages (~$17) and carries a market cap of about $19.76 billion.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 5,018,895 shares were traded during mid-day trading, an increase of 81% from the previous session's volume of 2,773,626 shares.The stock last traded at $26.0280 and had previously closed at $25.12.

Analysts Set New Price Targets

SMMT has been the topic of several research reports. Citizens Jmp reiterated a "market outperform" rating and issued a $40.00 price target on shares of Summit Therapeutics in a report on Friday, January 30th. Stifel Nicolaus started coverage on shares of Summit Therapeutics in a research note on Wednesday, April 8th. They set a "buy" rating and a $45.00 price objective on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Summit Therapeutics in a research note on Thursday, January 22nd. Jefferies Financial Group cut shares of Summit Therapeutics from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $42.00 to $15.00 in a research note on Monday, March 16th. Finally, Truist Financial raised shares of Summit Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Summit Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $31.00.

Summit Therapeutics Stock Performance

The business's 50 day moving average is $17.26 and its 200-day moving average is $17.78. The stock has a market cap of $19.76 billion, a price-to-earnings ratio of -17.56 and a beta of -1.36.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.07). Sell-side analysts anticipate that Summit Therapeutics PLC will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise acquired a new stake in Summit Therapeutics in the 1st quarter valued at $453,000. Wealth Management Partners LLC grew its stake in Summit Therapeutics by 7.3% in the 1st quarter. Wealth Management Partners LLC now owns 63,784 shares of the company's stock valued at $1,209,000 after acquiring an additional 4,354 shares during the period. SG Americas Securities LLC grew its stake in Summit Therapeutics by 243.3% in the 1st quarter. SG Americas Securities LLC now owns 53,523 shares of the company's stock valued at $1,015,000 after acquiring an additional 37,934 shares during the period. Hsbc Holdings PLC acquired a new stake in Summit Therapeutics in the 4th quarter valued at $1,723,000. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company's stock valued at $33,000 after purchasing an additional 1,805 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company's stock.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit's lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.

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