Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $21.56, but opened at $22.39. Summit Therapeutics shares last traded at $22.66, with a volume of 720,294 shares traded.
Wall Street Analyst Weigh In
Several analysts have recently commented on the stock. The Goldman Sachs Group raised their price objective 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. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th. Evercore ISI began coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Finally, Wall Street Zen upgraded shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Two analysts have rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $35.09.
Get Our Latest Stock Analysis on SMMT
Summit Therapeutics Price Performance
The stock has a market capitalization of $14.69 billion, a price-to-earnings ratio of -70.64 and a beta of -1.06. The business's fifty day moving average price is $23.68 and its 200-day moving average price is $20.91.
Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.01. Equities research analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after purchasing an additional 724,040 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after purchasing an additional 1,118,270 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock worth $57,133,000 after purchasing an additional 101,039 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Summit Therapeutics by 3.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company's stock worth $26,501,000 after purchasing an additional 52,359 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its holdings in Summit Therapeutics by 100.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock worth $24,755,000 after purchasing an additional 695,843 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.
About Summit Therapeutics
(
Get Free Report)
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.
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