Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 9% - Time to Buy?

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) rose 9% on Wednesday . The company traded as high as $26.13 and last traded at $26.56. Approximately 640,298 shares were traded during trading, a decline of 83% from the average daily volume of 3,723,919 shares. The stock had previously closed at $24.36.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group lifted their price target on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a report on Wednesday, March 26th. Leerink Partnrs upgraded shares of Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. Finally, HC Wainwright restated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, July 1st. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $34.67.

Summit Therapeutics Stock Down 2.3%

The stock has a market capitalization of $20.52 billion, a P/E ratio of -81.26 and a beta of -1.01. The firm's 50 day simple moving average is $22.71 and its two-hundred day simple moving average is $21.57.

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

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Cerity Partners LLC increased its position in shares of Summit Therapeutics by 0.4% during the first quarter. Cerity Partners LLC now owns 113,654 shares of the company's stock worth $2,192,000 after acquiring an additional 440 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Summit Therapeutics by 11.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock worth $122,000 after purchasing an additional 647 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Summit Therapeutics by 1.1% in the 1st 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 in the last quarter. Golden State Wealth Management LLC grew its position 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 purchasing an additional 751 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its position 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 worth $45,000 after purchasing an additional 900 shares in the last quarter. 4.61% of the stock is owned by institutional investors.

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.