Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up - Still a Buy?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) gapped up prior to trading 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.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a report on Friday, May 2nd. HC Wainwright reaffirmed a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. TD Cowen raised shares of Summit Therapeutics to a "strong-buy" rating in a research note on Thursday, May 8th. Leerink Partners started coverage on Summit Therapeutics in a research note on Wednesday. They issued an "underperform" rating and a $12.00 price objective on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Summit Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $35.09.

Summit Therapeutics Trading Down 6.8%

The firm has a 50-day simple moving average of $23.51 and a 200-day simple moving average of $20.91. The firm has a market cap of $15.29 billion, a P/E ratio of -73.60 and a beta of -1.06.

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 for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. Research analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several hedge funds have recently modified their holdings of SMMT. Rhumbline Advisers grew its position in shares of Summit Therapeutics by 5.2% in the 1st quarter. Rhumbline Advisers now owns 131,760 shares of the company's stock worth $2,542,000 after buying an additional 6,558 shares during the last quarter. Siren L.L.C. acquired a new stake in Summit Therapeutics in the first quarter valued at approximately $13,407,000. Focus Partners Wealth boosted its stake in Summit Therapeutics by 145,546.6% in the first quarter. Focus Partners Wealth now owns 84,475 shares of the company's stock valued at $1,630,000 after acquiring an additional 84,417 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Summit Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock worth $1,273,000 after purchasing an additional 694 shares during the last quarter. Finally, Cutter Capital Management LP purchased a new position in Summit Therapeutics in the first quarter worth $7,716,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.