Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Here’s Why

Posted by Francis Steltz on Sep 29th, 2026

Summit Therapeutics PLC (NASDAQ:SMMT – Get Free Report)’s stock price gapped up before the market opened on Tuesday. The stock had previously closed at $15.48, but opened at $18.91. Summit Therapeutics shares last traded at $16.3970, with a volume of 10,558,930 shares traded.

Analysts Set New Price Targets

Several research firms have recently commented on SMMT. The Goldman Sachs Group set a $41.00 price objective on shares of Summit Therapeutics and gave the company a “buy” rating in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Friday, July 17th. Jefferies Financial Group reiterated a “buy” rating and set a $30.00 target price on shares of Summit Therapeutics in a report on Tuesday. UBS Group reissued a “neutral” rating on shares of Summit Therapeutics in a research report on Wednesday, September 23rd. Finally, Sanford C. Bernstein upgraded shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $9.80 to $11.90 in a research note on Tuesday, August 25th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Summit Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $28.22.

View Our Latest Stock Analysis on Summit Therapeutics

Summit Therapeutics Stock Performance

The company has a market cap of $13.00 billion, a price-to-earnings ratio of -14.52 and a beta of -1.24. The business has a 50-day simple moving average of $14.93 and a 200-day simple moving average of $16.33.

Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Research analysts anticipate that Summit Therapeutics PLC will post -1.2 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Baker BROS. Advisors LP increased its position in shares of Summit Therapeutics by 7.9% in the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after purchasing an additional 2,668,089 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Summit Therapeutics during the second quarter worth $138,838,000. Polymer Capital Management HK LTD increased its holdings in Summit Therapeutics by 73.9% in the fourth quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company’s stock valued at $24,856,000 after buying an additional 603,879 shares during the last quarter. Norges Bank acquired a new stake in Summit Therapeutics in the fourth quarter valued at $24,030,000. Finally, TD Asset Management Inc raised its stake in Summit Therapeutics by 124.2% in the fourth quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock valued at $21,080,000 after buying an additional 667,742 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

(Get Free Report)

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for the treatment of cancer. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition against PD-1 with selective inhibition of vascular endothelial growth factor A (VEGF-A). Summit is evaluating ivonescimab in clinical studies involving patients with non-small cell lung cancer and other solid tumors.

Summit has entered into a licensing and collaboration agreement with Akeso, a biotechnology company that discovered and developed ivonescimab.