Summit Therapeutics (NASDAQ:SMMT) Shares Climb 10.5% – What’s Next?

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price traded up 10.5% during mid-day trading on Tuesday. The company traded as high as $16.31 and last traded at $16.3510. 3,563,857 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 4,617,350 shares. The stock had previously closed at $14.80.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SMMT. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research note on Tuesday, September 22nd. Stifel Nicolaus reduced their price target on shares of Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, July 24th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Summit Therapeutics in a research report on Monday, October 26th. Wall Street Zen raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Summit Therapeutics in a research note on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.61.

Summit Therapeutics Stock Down 12.2%

The firm has a fifty day moving average of $16.21 and a two-hundred day moving average of $16.14.

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently modified their holdings of the business. New York Life Investment Management LLC boosted its position in shares of Summit Therapeutics by 29.8% in the third quarter. New York Life Investment Management LLC now owns 19,068 shares of the company’s stock valued at $322,000 after acquiring an additional 4,375 shares during the period. Fulcrum Asset Management LLP bought a new position in shares of Summit Therapeutics in the third quarter worth $907,000. Hohimer Wealth Management LLC increased its holdings in shares of Summit Therapeutics by 30.2% in the third quarter. Hohimer Wealth Management LLC now owns 441,650 shares of the company’s stock worth $7,468,000 after purchasing an additional 102,550 shares during the period. Brighton Jones LLC bought a new position in shares of Summit Therapeutics in the third quarter worth $207,000. Finally, Candriam S.C.A. raised its position in shares of Summit Therapeutics by 212.3% in the third quarter. Candriam S.C.A. now owns 1,662,969 shares of the company’s stock worth $28,224,000 after buying an additional 1,130,537 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.