Summit Therapeutics (NASDAQ:SMMT) Trading 6.5% Higher – Time to Buy?

Summit Therapeutics PLC (NASDAQ:SMMT) was up 6.5% during trading on Friday . The stock traded as high as $16.72 and last traded at $16.4690. Approximately 807,006 shares were traded during trading, a decline of 69% from the average daily volume of 2,640,963 shares. The stock had previously closed at $15.46.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SMMT. Barclays upgraded Summit Therapeutics from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $16.00 to $18.00 in a research note on Wednesday, December 17th. Wolfe Research initiated coverage on shares of Summit Therapeutics in a report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Citigroup reaffirmed a “buy” rating on shares of Summit Therapeutics in a report on Tuesday, February 24th. Finally, Piper Sandler set a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $32.25.

Summit Therapeutics Price Performance

The business’s 50-day moving average is $16.09 and its 200 day moving average is $18.32. The firm has a market capitalization of $12.50 billion, a P/E ratio of -11.16 and a beta of -1.43.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Monday, February 23rd. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.07). Analysts anticipate that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several large investors have recently modified their holdings of SMMT. Price T Rowe Associates Inc. MD raised its stake in Summit Therapeutics by 106.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock valued at $163,907,000 after purchasing an additional 4,832,592 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Summit Therapeutics by 31.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after acquiring an additional 2,706,056 shares during the period. Baker BROS. Advisors LP boosted its position in shares of Summit Therapeutics by 7.9% during the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after acquiring an additional 2,668,089 shares in the last quarter. Norges Bank acquired a new stake in shares of Summit Therapeutics during the 2nd quarter worth approximately $29,576,000. Finally, Fiera Capital Corp bought a new position in Summit Therapeutics in the second quarter valued at approximately $16,659,000. 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.