Summit Therapeutics (NASDAQ:SMMT) Trading 0.4% Higher – Still a Buy?

Summit Therapeutics Inc. (NASDAQ:SMMT) shares were up 0.4% during trading on Tuesday . The stock traded as high as $20.87 and last traded at $20.58. Approximately 299,727 shares traded hands during trading, a decline of 92% from the average daily volume of 3,706,334 shares. The stock had previously closed at $20.50.

Analysts Set New Price Targets

A number of analysts have commented on the company. Stifel Nicolaus lifted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. HC Wainwright reiterated a “buy” rating and issued a $45.00 price objective on shares of Summit Therapeutics in a report on Friday, October 4th. Finally, Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their target price for the company from $19.00 to $23.00 in a research note on Friday, September 27th.

Summit Therapeutics Stock Performance

The business’s 50 day simple moving average is $18.90 and its two-hundred day simple moving average is $11.12.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. As a group, equities research analysts predict that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its holdings in Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares in the last quarter. Willis Investment Counsel purchased a new position in shares of Summit Therapeutics during the 3rd quarter valued at $219,000. Fullcircle Wealth LLC purchased a new stake in Summit Therapeutics in the 2nd quarter worth $95,000. XTX Topco Ltd bought a new position in shares of Summit Therapeutics in the second quarter worth about $121,000. Finally, Creative Planning boosted its stake in shares of Summit Therapeutics by 45.0% in the third quarter. Creative Planning now owns 15,633 shares of the company’s stock worth $342,000 after acquiring an additional 4,851 shares during the period. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

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.