Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 7.6% - What's Next?

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) shares shot up 7.6% on Wednesday . The stock traded as high as $24.52 and last traded at $24.75. 1,362,859 shares traded hands during trading, a decline of 64% from the average session volume of 3,795,780 shares. The stock had previously closed at $22.99.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SMMT. The Goldman Sachs Group upped their target price on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. HC Wainwright reissued a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, July 1st. JMP Securities reissued a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Monday, June 2nd. Evercore ISI initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price objective on the stock. Finally, Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the company a "buy" rating in a research report on Friday, April 25th. Two analysts have rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $34.67.

Summit Therapeutics Trading Up 0.4%

The firm's fifty day moving average price is $22.72 and its 200-day moving average price is $21.33. The firm has a market cap of $18.45 billion, a price-to-earnings ratio of -73.25 and a beta of -1.01.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. On average, sell-side analysts expect that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after purchasing an additional 724,040 shares during the period. Price T Rowe Associates Inc. MD raised its position in Summit Therapeutics by 20.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after buying an additional 1,118,270 shares during the last quarter. Geode Capital Management LLC raised its position in Summit Therapeutics by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock worth $57,133,000 after buying an additional 101,039 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Summit Therapeutics by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company's stock worth $26,501,000 after buying an additional 52,359 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its position in Summit Therapeutics by 100.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock worth $24,755,000 after buying an additional 695,843 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company's stock.

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.