Summit Therapeutics (NASDAQ:SMMT) Sees Large Volume Increase - Still a Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) saw strong trading volume on Monday . 3,435,964 shares changed hands during mid-day trading, a decline of 9% from the previous session's volume of 3,786,129 shares.The stock last traded at $25.87 and had previously closed at $23.47.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Truist Financial began coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price objective on the stock. StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Summit Redstone set a $35.00 price target on Summit Therapeutics in a research report on Wednesday, March 26th. Finally, Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.40.

Summit Therapeutics Trading Up 13.1 %

The stock has a market cap of $20.58 billion, a PE ratio of -99.64 and a beta of -0.46. The business's 50-day moving average price is $21.36 and its 200-day moving average price is $20.30.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.01. As a group, analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several large investors have recently made changes to their positions in SMMT. Griffin Asset Management Inc. increased its position in shares of Summit Therapeutics by 63.3% in the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company's stock valued at $1,975,000 after buying an additional 42,900 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new stake in shares of Summit Therapeutics during the fourth quarter worth $444,000. China Universal Asset Management Co. Ltd. lifted its stake in Summit Therapeutics by 12.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company's stock worth $2,790,000 after purchasing an additional 17,014 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Summit Therapeutics by 79.2% in the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock valued at $1,700,000 after purchasing an additional 42,090 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Summit Therapeutics by 252.8% in the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock worth $3,661,000 after acquiring an additional 147,003 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

About Summit Therapeutics

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.