Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s share price was up 5.1% during mid-day trading on Thursday . The company traded as high as $20.61 and last traded at $20.58. Approximately 2,126,075 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 3,635,090 shares. The stock had previously closed at $19.58.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on SMMT. The Goldman Sachs Group raised 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. TD Cowen raised Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Leerink Partnrs raised shares of Summit Therapeutics to a "strong sell" rating in a research report on Wednesday. Finally, Wall Street Zen upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $35.09.
Get Our Latest Report on Summit Therapeutics
Summit Therapeutics Stock Down 1.9%
The stock has a fifty day moving average of $23.68 and a two-hundred day moving average of $20.92. The stock has a market cap of $14.69 billion, a price-to-earnings ratio of -70.64 and a beta of -1.06.
Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. On average, research analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current year.
Hedge Funds Weigh In On Summit Therapeutics
A number of large investors have recently modified their holdings of the company. Rhumbline Advisers increased its holdings in Summit Therapeutics by 4.5% during the 4th quarter. Rhumbline Advisers now owns 125,202 shares of the company's stock worth $2,234,000 after purchasing an additional 5,394 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Summit Therapeutics by 252.8% in the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after acquiring an additional 147,003 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of Summit Therapeutics by 5.5% in the 4th quarter. CIBC Asset Management Inc now owns 21,577 shares of the company's stock valued at $385,000 after acquiring an additional 1,132 shares during the last quarter. New York State Common Retirement Fund increased its holdings in shares of Summit Therapeutics by 18.6% in the 4th quarter. New York State Common Retirement Fund now owns 29,377 shares of the company's stock valued at $524,000 after acquiring an additional 4,600 shares during the last quarter. Finally, World Equity Group Inc. increased its holdings in shares of Summit Therapeutics by 94.3% in the 4th quarter. World Equity Group Inc. now owns 28,834 shares of the company's stock valued at $515,000 after acquiring an additional 13,992 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other 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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