Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – What’s Next?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) gapped up prior to trading on Wednesday . The stock had previously closed at $17.97, but opened at $18.86. Summit Therapeutics shares last traded at $18.89, with a volume of 256,642 shares changing hands.

Wall Street Analysts Forecast Growth

SMMT has been the subject of several analyst reports. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company. Stifel Nicolaus upped their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. JMP Securities began coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Finally, HC Wainwright restated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Summit Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $33.33.

Summit Therapeutics Stock Up 2.5 %

The stock has a market capitalization of $13.58 billion, a price-to-earnings ratio of -66.35 and a beta of -0.92. The firm has a fifty day moving average of $19.71 and a 200-day moving average of $14.73.

Institutional Trading of Summit Therapeutics

A number of hedge funds have recently bought and sold shares of SMMT. Baker BROS. Advisors LP raised its position in shares of Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after buying an additional 1,202,643 shares during the period. Cerity Partners LLC acquired a new stake in Summit Therapeutics during the third quarter worth about $2,178,000. FMR LLC raised its holdings in shares of Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after purchasing an additional 737,692 shares during the period. Griffin Asset Management Inc. purchased a new position in shares of Summit Therapeutics in the 3rd quarter worth about $1,484,000. Finally, Millennium Management LLC acquired a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $15,154,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.