Summit Therapeutics (NASDAQ:SMMT) Trading Up 0.8% – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT) shot up 0.8% during trading on Monday . The company traded as high as $22.17 and last traded at $21.39. 592,087 shares traded hands during trading, a decline of 84% from the average session volume of 3,717,354 shares. The stock had previously closed at $21.21.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SMMT. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Stifel Nicolaus upped their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, HC Wainwright restated a “buy” rating and set a $45.00 price objective on shares of Summit Therapeutics in a report on Friday, October 4th.

Summit Therapeutics Trading Down 3.5 %

The stock has a fifty day moving average of $18.34 and a 200-day moving average of $10.82.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. On average, analysts anticipate that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently modified their holdings of the business. Hoylecohen LLC boosted its position in Summit Therapeutics by 2.4% during the second quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after purchasing an additional 2,000 shares during the last quarter. Russell Investments Group Ltd. raised its position in Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares in the last quarter. Virtu Financial LLC lifted its stake in Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after purchasing an additional 3,846 shares during the last quarter. Creative Planning boosted its holdings in shares of Summit Therapeutics by 45.0% in the 3rd quarter. Creative Planning now owns 15,633 shares of the company’s stock valued at $342,000 after purchasing an additional 4,851 shares in the last quarter. Finally, Alpine Global Management LLC increased its stake in shares of Summit Therapeutics by 16.7% in the 1st quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock valued at $145,000 after purchasing an additional 5,000 shares during the last quarter. 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.