Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 8.2% – Still a Buy?

Summit Therapeutics PLC (NASDAQ:SMMT) was up 8.2% during trading on Thursday . The stock traded as high as $22.90 and last traded at $22.8540. Approximately 560,636 shares changed hands during trading, a decline of 79% from the average daily volume of 2,621,353 shares. The stock had previously closed at $21.12.

Analysts Set New Price Targets

Several research analysts recently commented on SMMT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Thursday, January 22nd. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Jefferies Financial Group cut Summit Therapeutics from a “buy” rating to a “hold” rating and reduced their price target for the company from $42.00 to $15.00 in a research report on Monday, March 16th. Piper Sandler set a $40.00 price target on Summit Therapeutics in a research report on Wednesday, January 14th. Finally, Stifel Nicolaus started coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating and a $45.00 price target for the company. Two investment 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, Summit Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Summit Therapeutics Trading Up 14.3%

The business has a 50 day moving average of $16.64 and a two-hundred day moving average of $17.72. The firm has a market cap of $18.74 billion, a P/E ratio of -16.48 and a beta of -1.36.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). On average, sell-side analysts predict that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently added to or reduced their stakes in the business. Crowley Wealth Management Inc. raised its stake in Summit Therapeutics by 66.7% in the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after acquiring an additional 600 shares during the period. Amalgamated Bank raised its stake in Summit Therapeutics by 7.7% in the 3rd quarter. Amalgamated Bank now owns 8,552 shares of the company’s stock valued at $177,000 after acquiring an additional 609 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Summit Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after purchasing an additional 694 shares during the last quarter. Sei Investments Co. lifted its holdings in Summit Therapeutics by 3.3% during the 3rd quarter. Sei Investments Co. now owns 27,163 shares of the company’s stock worth $561,000 after purchasing an additional 860 shares during the last quarter. Finally, Levin Capital Strategies L.P. lifted its holdings in Summit Therapeutics by 2.7% during the 4th quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company’s stock worth $659,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.