Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) traded down 4.3% during mid-day trading on Thursday . The company traded as low as $22.77 and last traded at $21.64. 1,411,903 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 3,670,214 shares. The stock had previously closed at $22.62.
Wall Street Analyst Weigh In
A number of analysts have weighed in on SMMT shares. JMP Securities reaffirmed a "market outperform" rating and set a $40.00 price objective on shares of Summit Therapeutics in a research report on Monday, June 2nd. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their target price for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. Leerink Partners started coverage on Summit Therapeutics in a research note on Wednesday, June 11th. They set an "underperform" rating and a $12.00 target price for the company. TD Cowen raised Summit Therapeutics to a "strong-buy" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, June 29th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Summit Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $34.67.
Check Out Our Latest Stock Analysis on SMMT
Summit Therapeutics Stock Up 7.6%
The firm has a market capitalization of $18.08 billion, a price-to-earnings ratio of -71.60 and a beta of -1.01. The stock's 50 day moving average price is $22.75 and its two-hundred day moving average price is $21.26.
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. On average, equities analysts expect that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.
Institutional Investors Weigh In On Summit Therapeutics
Several hedge funds have recently made changes to their positions in SMMT. Golden State Wealth Management LLC lifted its stake in shares of Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after buying an additional 751 shares during the period. National Bank of Canada FI bought a new position in Summit Therapeutics during the fourth quarter worth about $30,000. CWM LLC lifted its stake in Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after purchasing an additional 1,624 shares during the period. Steward Partners Investment Advisory LLC lifted its stake in Summit Therapeutics by 56.1% during the fourth 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 during the period. Finally, AlphaQuest LLC bought a new position in Summit Therapeutics during the first quarter worth about $49,000. Institutional investors own 4.61% of the company's stock.
About Summit Therapeutics
(
Get Free Report)
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.
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