Summit Therapeutics (NASDAQ:SMMT) Hits New 1-Year High at $11.35

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $11.35 and last traded at $11.34, with a volume of 343124 shares. The stock had previously closed at $10.49.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on SMMT shares. Citigroup raised their price target on shares of Summit Therapeutics from $7.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Stifel Nicolaus raised their price target on shares of Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a research note on Monday, June 3rd.

Summit Therapeutics Price Performance

The company’s 50-day moving average is $7.55 and its 200-day moving average is $5.28. The company has a debt-to-equity ratio of 2.26, a current ratio of 6.97 and a quick ratio of 6.97. The firm has a market capitalization of $7.88 billion, a price-to-earnings ratio of -70.88 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Wednesday, May 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, research analysts expect that Summit Therapeutics Inc. will post -0.26 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Fullcircle Wealth LLC purchased a new position in Summit Therapeutics in the second quarter valued at approximately $95,000. Hoylecohen LLC raised its holdings in Summit Therapeutics by 2.4% in the second quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after buying an additional 2,000 shares during the period. Virtu Financial LLC raised its holdings in Summit Therapeutics by 23.3% in the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after buying an additional 3,846 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Summit Therapeutics by 18.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock valued at $138,000 after buying an additional 5,139 shares during the period. Finally, Alpine Global Management LLC raised its holdings in Summit Therapeutics by 16.7% in the first quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock valued at $145,000 after buying an additional 5,000 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.