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

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price 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.

Analyst Upgrades and Downgrades

SMMT has been the topic of several recent research reports. Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the stock a "buy" rating in a report on Friday, April 25th. Evercore ISI initiated coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price objective on the stock. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Citigroup upgraded shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th. Finally, JMP Securities reiterated a "market outperform" rating and set a $40.00 price objective on shares of Summit Therapeutics in a research report on Monday. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Summit Therapeutics has a consensus rating of "Buy" and an average price target of $37.40.

Summit Therapeutics Stock Down 5.1%

The company has a 50-day moving average of $23.40 and a 200-day moving average of $20.85. The company has a market cap of $14.53 billion, a PE ratio of -69.85 and a beta of -0.94.

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

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SMMT. Price T Rowe Associates Inc. MD boosted its stake in shares of Summit Therapeutics by 20.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after buying an additional 1,118,270 shares during the last quarter. Vanguard Group Inc. lifted 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 acquiring an additional 724,040 shares during the period. Pictet Asset Management Holding SA boosted its position in Summit Therapeutics by 100.6% in 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. Siren L.L.C. bought a new position in Summit Therapeutics in the 1st quarter valued at $13,407,000. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in shares of Summit Therapeutics during the 1st quarter valued at $10,378,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

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.