Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 16.9% Following Strong Earnings

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price rose 16.9% on Friday after the company announced better than expected quarterly earnings. The company traded as high as $29.03 and last traded at $28.83. Approximately 1,921,044 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 3,466,594 shares. The stock had previously closed at $24.67.

The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SMMT shares. The Goldman Sachs Group upped their price target on Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a research note on Friday. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Jefferies Financial Group set a $44.00 price target on shares of Summit Therapeutics and gave the stock a “buy” rating in a research note on Friday, April 25th. Truist Financial assumed coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective for the company. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 target price on shares of Summit Therapeutics in a report on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Summit Therapeutics has an average rating of “Moderate Buy” and an average price target of $37.40.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMMT. Vanguard Group Inc. increased its position in shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after purchasing an additional 724,040 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock worth $116,995,000 after buying an additional 1,118,270 shares during the period. Geode Capital Management LLC increased its position in Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock valued at $57,133,000 after acquiring an additional 101,039 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Summit Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company’s stock valued at $26,501,000 after acquiring an additional 52,359 shares during the period. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of Summit Therapeutics by 100.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company’s stock worth $24,755,000 after acquiring an additional 695,843 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Trading Up 13.1 %

The stock has a market capitalization of $20.58 billion, a PE ratio of -99.64 and a beta of -0.46. The business’s 50 day moving average is $21.36 and its 200 day moving average is $20.30.

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.