Summit Therapeutics (NASDAQ:SMMT) Shares Up 5.1% - Here's Why

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) shot up 5.1% on Thursday . The company traded as high as $20.61 and last traded at $20.58. 2,126,075 shares were traded during mid-day trading, a decline of 42% from the average session volume of 3,635,090 shares. The stock had previously closed at $19.58.

Analysts Set New Price Targets

Several brokerages recently issued reports on SMMT. Leerink Partners assumed coverage on Summit Therapeutics in a report on Wednesday. They set an "underperform" rating and a $12.00 price objective for the company. Wall Street Zen raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a report on Wednesday. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $40.00 price objective on shares of Summit Therapeutics in a research report on Monday, June 2nd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.09.

Summit Therapeutics Trading Down 1.9%

The stock has a market capitalization of $14.69 billion, a price-to-earnings ratio of -70.64 and a beta of -1.06. The company has a fifty day moving average of $23.68 and a two-hundred day moving average of $20.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.01. As a group, sell-side analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Rhumbline Advisers boosted its holdings in Summit Therapeutics by 5.2% during the first quarter. Rhumbline Advisers now owns 131,760 shares of the company's stock valued at $2,542,000 after acquiring an additional 6,558 shares during the period. Siren L.L.C. acquired a new position in shares of Summit Therapeutics during the 1st quarter worth about $13,407,000. Focus Partners Wealth boosted its stake 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 purchasing an additional 84,417 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 purchasing an additional 694 shares during the period. Finally, Cutter Capital Management LP acquired a new stake in Summit Therapeutics in the 1st quarter valued at approximately $7,716,000. 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.