Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up - Here's Why

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $17.73, but opened at $18.40. Summit Therapeutics shares last traded at $17.64, with a volume of 2,057,621 shares traded.

Wall Street Analysts Forecast Growth

SMMT has been the subject of a number of research reports. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the company a "buy" rating in a report on Friday, April 25th. The Goldman Sachs Group upped their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their price objective for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. TD Cowen raised Summit Therapeutics to a "strong-buy" rating in a research note on Thursday, May 8th. Finally, Summit Redstone set a $35.00 price target on Summit Therapeutics in a report on Wednesday, March 26th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $37.40.

Summit Therapeutics Stock Performance

The stock has a market capitalization of $15.29 billion, a PE ratio of -73.53 and a beta of -1.06. The company's fifty day simple moving average is $23.39 and its two-hundred day simple moving average is $20.84.

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, topping the consensus estimate of ($0.10) by $0.01. Sell-side analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cerity Partners LLC lifted its holdings in Summit Therapeutics by 0.4% in the 1st quarter. Cerity Partners LLC now owns 113,654 shares of the company's stock valued at $2,192,000 after purchasing an additional 440 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Summit Therapeutics by 11.4% during the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock valued at $122,000 after buying an additional 647 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock worth $1,273,000 after acquiring an additional 694 shares during the last quarter. Golden State Wealth Management LLC grew its stake in Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after acquiring an additional 751 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its holdings in Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after acquiring an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

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.