Summit Therapeutics (NASDAQ:SMMT) Trading Up 7.6% – Here’s Why

Summit Therapeutics PLC (NASDAQ:SMMT) shares were up 7.6% during mid-day trading on Wednesday . The stock traded as high as $16.91 and last traded at $17.0610. Approximately 612,654 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 3,207,999 shares. The stock had previously closed at $15.85.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SMMT shares. Citizens Jmp reissued a “market outperform” rating and issued a $40.00 target price on shares of Summit Therapeutics in a research report on Friday, January 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Tuesday, April 21st. Piper Sandler decreased their target price on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Truist Financial raised shares of Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Finally, Jefferies Financial Group cut shares of Summit Therapeutics from a “buy” rating to a “hold” rating and decreased their target price for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.58.

Summit Therapeutics Price Performance

The stock has a market capitalization of $13.62 billion, a price-to-earnings ratio of -10.96 and a beta of -1.25. The business’s 50-day simple moving average is $18.85 and its two-hundred day simple moving average is $17.63.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. As a group, sell-side analysts expect that Summit Therapeutics PLC will post -1.17 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SMMT. Ball & Co Wealth Management Inc. acquired a new position in shares of Summit Therapeutics during the first quarter worth $28,000. Kestra Advisory Services LLC acquired a new position in shares of Summit Therapeutics during the fourth quarter worth $28,000. Parallel Advisors LLC acquired a new position in shares of Summit Therapeutics during the third quarter worth $39,000. T. Rowe Price Investment Management Inc. lifted its position in shares of Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after purchasing an additional 1,805 shares in the last quarter. Finally, Truvestments Capital LLC lifted its position in shares of Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after purchasing an additional 1,736 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.