Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 7.6% - Still a Buy?

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

Analysts Set New Price Targets

Several equities analysts recently commented on SMMT shares. JMP Securities reaffirmed a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a research report on Monday, June 2nd. The Goldman Sachs Group upped their target price on shares of Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. HC Wainwright reiterated a "buy" rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, July 1st. Summit Redstone set a $35.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, March 26th. Finally, Wall Street Zen upgraded shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, June 29th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $34.67.

Summit Therapeutics Stock Performance

The company's 50 day moving average price is $22.72 and its 200-day moving average price is $21.33. The company has a market cap of $19.22 billion, a price-to-earnings ratio of -76.12 and a beta of -1.01.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced 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. As a group, sell-side analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

Several institutional investors have recently made changes to their positions in the stock. Cerity Partners LLC boosted its holdings in shares of Summit Therapeutics by 0.4% during the first quarter. Cerity Partners LLC now owns 113,654 shares of the company's stock worth $2,192,000 after purchasing an additional 440 shares during the period. Exchange Traded Concepts LLC boosted its holdings in shares of Summit Therapeutics by 11.4% during the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock worth $122,000 after purchasing an additional 647 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock worth $1,273,000 after purchasing an additional 694 shares during the period. Golden State Wealth Management LLC boosted its holdings in shares of Summit Therapeutics by 100.0% during the first 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. Finally, Steward Partners Investment Advisory LLC boosted its holdings in shares of 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. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.