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

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. JMP Securities restated a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a report on Monday, June 2nd. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. Leerink Partners started coverage on shares of Summit Therapeutics in a report on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 target price for the company. Jefferies Financial Group set a $44.00 target price on shares of Summit Therapeutics and gave the stock a "buy" rating in a report on Friday, April 25th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, July 1st. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $34.67.

Summit Therapeutics Stock Performance

The firm's fifty day simple moving average is $22.68 and its 200 day simple moving average is $21.42. The firm has a market cap of $18.57 billion, a P/E ratio of -73.53 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) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. On average, equities research analysts predict that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC boosted its holdings in shares of Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after purchasing an additional 751 shares during the period. National Bank of Canada FI bought a new stake in Summit Therapeutics in the fourth quarter worth $30,000. CWM LLC increased its position in Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after acquiring an additional 1,624 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position 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 valued at $45,000 after acquiring an additional 900 shares during the last quarter. Finally, AlphaQuest LLC purchased a new stake in shares of Summit Therapeutics in the first quarter valued at $49,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Company Profile

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.