Summit Therapeutics (NASDAQ:SMMT) Trading 7.6% Higher – Still a Buy?

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price shot up 7.6% during trading on Wednesday . The company traded as high as $16.91 and last traded at $17.0610. 612,654 shares traded hands during trading, a decline of 81% from the average session volume of 3,207,999 shares. The stock had previously closed at $15.85.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SMMT. Citizens Jmp reiterated a “market outperform” rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Friday, January 30th. HC Wainwright cut Summit Therapeutics from a “buy” rating to a “neutral” rating in a report on Friday. Stifel Nicolaus started coverage on Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating and a $45.00 price objective for the company. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Finally, Piper Sandler reduced their price objective on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Summit Therapeutics has a consensus rating of “Hold” and a consensus price target of $26.05.

Summit Therapeutics Price Performance

The business’s 50-day moving average price is $18.91 and its two-hundred day moving average price is $17.61. The company has a market capitalization of $13.39 billion, a price-to-earnings ratio of -10.75 and a beta of -1.25.

Summit Therapeutics (NASDAQ:SMMT) last released 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, research analysts predict that Summit Therapeutics PLC will post -1.17 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL acquired a new position in Summit Therapeutics during the third quarter valued at approximately $7,174,000. Vanguard Group Inc. raised its position in Summit Therapeutics by 31.2% during the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after purchasing an additional 2,706,056 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Summit Therapeutics during the third quarter worth $1,341,000. Assenagon Asset Management S.A. acquired a new position in shares of Summit Therapeutics during the fourth quarter worth $1,043,000. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Summit Therapeutics by 409.2% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 338,363 shares of the company’s stock worth $6,991,000 after buying an additional 271,912 shares in the last quarter. 4.61% of the stock is currently 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.