Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up to $6.89

Summit Therapeutics Inc. (NASDAQ:SMMTGet Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $6.89, but opened at $7.11. Summit Therapeutics shares last traded at $7.00, with a volume of 213,745 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a report on Monday, June 3rd. Citigroup boosted their price target on shares of Summit Therapeutics from $7.00 to $13.00 and gave the company a “buy” rating in a report on Friday, May 31st.

View Our Latest Analysis on SMMT

Summit Therapeutics Stock Performance

The firm’s fifty day moving average price is $6.27 and its 200 day moving average price is $4.66. The company has a debt-to-equity ratio of 2.26, a quick ratio of 6.97 and a current ratio of 6.97. The firm has a market cap of $5.08 billion, a P/E ratio of -45.25 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMTGet Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Sell-side analysts expect that Summit Therapeutics Inc. will post -0.26 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several large investors have recently bought and sold shares of SMMT. Federated Hermes Inc. purchased a new stake in Summit Therapeutics during the 3rd quarter worth approximately $33,000. Exchange Traded Concepts LLC grew its position in Summit Therapeutics by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 74,971 shares of the company’s stock worth $196,000 after purchasing an additional 19,011 shares during the last quarter. Wealth Management Partners LLC acquired a new stake in Summit Therapeutics during the 4th quarter valued at approximately $39,000. China Universal Asset Management Co. Ltd. lifted its stake in Summit Therapeutics by 352.8% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 81,071 shares of the company’s stock valued at $212,000 after acquiring an additional 63,168 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Summit Therapeutics by 55.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,727 shares of the company’s stock valued at $104,000 after acquiring an additional 14,098 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

(Get Free Report)

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.

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