Summit Therapeutics (NASDAQ:SMMT) Stock Price Breaks Above 200 Day Moving Average – Here’s Why

Summit Therapeutics PLC (NASDAQ:SMMT) shares passed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $16.19 and traded as high as $16.55. Summit Therapeutics shares last traded at $16.20, with a volume of 4,403,350 shares changing hands.

Analyst Ratings Changes

Several research analysts have commented on the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of Summit Therapeutics in a research report on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Thursday, October 15th. Wall Street Zen raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. HC Wainwright reaffirmed a “buy” rating on shares of Summit Therapeutics in a research report on Thursday, October 15th. Finally, Citigroup reiterated a “market outperform” rating on shares of Summit Therapeutics in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $28.61.

Summit Therapeutics Price Performance

The stock’s 50 day simple moving average is $16.06 and its two-hundred day simple moving average is $16.18. The stock has a market cap of $12.82 billion, a price-to-earnings ratio of -14.31 and a beta of -1.51.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SMMT. IFP Advisors Inc lifted its holdings in Summit Therapeutics by 792.3% in the third quarter. IFP Advisors Inc now owns 1,508 shares of the company’s stock valued at $26,000 after buying an additional 1,339 shares during the period. Ball & Co Wealth Management Inc. bought a new position in Summit Therapeutics in the first quarter valued at approximately $28,000. Toth Financial Advisory Corp bought a new position in Summit Therapeutics in the third quarter valued at approximately $30,000. CX Institutional grew its holdings in Summit Therapeutics by 244.8% during the 3rd quarter. CX Institutional now owns 2,038 shares of the company’s stock worth $34,000 after acquiring an additional 1,447 shares during the period. Finally, Parallel Advisors LLC grew its holdings in Summit Therapeutics by 4,178.0% during the 1st quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after acquiring an additional 2,089 shares during the period. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.