Summit Therapeutics (NASDAQ:SMMT) Sees Strong Trading Volume – What’s Next?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) saw an uptick in trading volume on Tuesday . 5,018,895 shares were traded during trading, an increase of 81% from the previous session’s volume of 2,773,626 shares.The stock last traded at $26.0280 and had previously closed at $25.12.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SMMT. HC Wainwright reduced their target price on Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Citizens Jmp restated a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Friday, January 30th. Citigroup began coverage on Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating on the stock. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Finally, Piper Sandler set a $40.00 target price on Summit Therapeutics in a report on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $31.00.

Summit Therapeutics Price Performance

The company has a market cap of $17.28 billion, a price-to-earnings ratio of -15.36 and a beta of -1.36. The stock has a 50-day moving average price of $17.67 and a 200 day moving average price of $17.86.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). Sell-side analysts expect that Summit Therapeutics PLC will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds have recently modified their holdings of the business. Banque Cantonale Vaudoise acquired a new stake in shares of Summit Therapeutics during the first quarter worth about $453,000. Wealth Management Partners LLC raised its position in shares of Summit Therapeutics by 7.3% during the first quarter. Wealth Management Partners LLC now owns 63,784 shares of the company’s stock worth $1,209,000 after purchasing an additional 4,354 shares during the period. SG Americas Securities LLC raised its position in shares of Summit Therapeutics by 243.3% during the first quarter. SG Americas Securities LLC now owns 53,523 shares of the company’s stock worth $1,015,000 after purchasing an additional 37,934 shares during the period. Hsbc Holdings PLC acquired a new stake in Summit Therapeutics in the 4th quarter valued at approximately $1,723,000. Finally, T. Rowe Price Investment Management Inc. raised its position in Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after buying an additional 1,805 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.