Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report)'s share price rose 7.6% during trading on Wednesday . The company traded as high as $24.52 and last traded at $24.75. Approximately 1,362,859 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 3,795,780 shares. The stock had previously closed at $22.99.
Analyst Ratings Changes
SMMT has been the subject of a number of research reports. Wall Street Zen raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, June 29th. UBS Group assumed coverage on Summit Therapeutics in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price target for the company. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. Leerink Partners assumed coverage on Summit Therapeutics in a report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 price target for the company. Finally, JMP Securities reiterated a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Monday, June 2nd. Two analysts have rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Summit Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $34.67.
Get Our Latest Stock Report on SMMT
Summit Therapeutics Trading Up 7.6%
The business has a 50-day moving average price of $22.70 and a 200 day moving average price of $21.31. The stock has a market cap of $18.37 billion, a PE ratio of -72.76 and a beta of -1.01.
Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.01. On average, equities analysts predict that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.
Hedge Funds Weigh In On Summit Therapeutics
Institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers increased its position in shares of Summit Therapeutics by 5.2% during the 1st quarter. Rhumbline Advisers now owns 131,760 shares of the company's stock valued at $2,542,000 after purchasing an additional 6,558 shares during the last quarter. Siren L.L.C. purchased a new stake in Summit Therapeutics during the 1st quarter valued at about $13,407,000. Focus Partners Wealth boosted its holdings in Summit Therapeutics by 145,546.6% during the 1st quarter. Focus Partners Wealth now owns 84,475 shares of the company's stock valued at $1,630,000 after acquiring an additional 84,417 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Summit Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after acquiring an additional 694 shares during the period. Finally, Cutter Capital Management LP purchased a new stake in Summit Therapeutics during the 1st quarter valued at about $7,716,000. 4.61% of the stock is currently owned by institutional investors.
Summit Therapeutics Company Profile
(
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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