Summit Therapeutics (NASDAQ:SMMT) Shares Up 16.9% After Earnings Beat

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) shares rose 16.9% during trading on Friday following a better than expected earnings announcement. The company traded as high as $29.03 and last traded at $28.83. Approximately 1,921,044 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 3,466,594 shares. The stock had previously closed at $24.67.

The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01.

Analyst Ratings Changes

Several equities analysts have commented on SMMT shares. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and upped their price target for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. StockNews.com cut Summit Therapeutics from a "hold" rating to a "sell" rating in a research report on Monday. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. JMP Securities reiterated a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday, April 28th. Finally, Summit Redstone set a $35.00 price target on Summit Therapeutics in a research note on Wednesday, March 26th. One analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $37.40.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Golden State Wealth Management LLC increased 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 valued at $29,000 after buying an additional 751 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at about $29,000. National Bank of Canada FI bought a new stake in Summit Therapeutics during the fourth quarter worth about $30,000. CWM LLC grew its stake in Summit Therapeutics by 3,455.3% in the first quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after purchasing an additional 1,624 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its position in shares of Summit Therapeutics by 56.1% during 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 during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Stock Performance

The company has a market cap of $17.81 billion, a price-to-earnings ratio of -85.96 and a beta of -0.94. The firm has a fifty day moving average price of $21.67 and a 200 day moving average price of $20.34.

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.