Summit Therapeutics (NASDAQ:SMMT) Trading 9% Higher - What's Next?

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

Analysts Set New Price Targets

Several research firms recently weighed in on SMMT. JMP Securities reiterated a "market outperform" rating and set a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday, June 2nd. Jefferies Financial Group set a $44.00 price objective on Summit Therapeutics and gave the company a "buy" rating in a research report on Friday, April 25th. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price target for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. Finally, Leerink Partnrs raised shares of Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $34.67.

Summit Therapeutics Price Performance

The firm has a market cap of $19.46 billion, a price-to-earnings ratio of -77.06 and a beta of -1.01. The company has a fifty day moving average price of $22.82 and a two-hundred day moving average price of $21.70.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SMMT. Public Employees Retirement System of Ohio bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $772,000. Rockland Trust Co. bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $8,512,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $225,000. Sovran Advisors LLC boosted its stake in shares of Summit Therapeutics by 2.4% during the 2nd quarter. Sovran Advisors LLC now owns 150,047 shares of the company's stock worth $3,450,000 after acquiring an additional 3,519 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Summit Therapeutics by 5.2% during the 1st quarter. Rhumbline Advisers now owns 131,760 shares of the company's stock worth $2,542,000 after acquiring an additional 6,558 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

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.