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

Summit Therapeutics Inc. (NASDAQ:SMMT) shares gapped up prior to trading 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 traded.

Analyst Ratings Changes

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

Summit Therapeutics Stock Up 0.6 %

The stock has a market cap of $4.86 billion, a PE ratio of -43.44 and a beta of -0.97. The business has a fifty day moving average of $6.20 and a 200-day moving average of $4.61. The company has a debt-to-equity ratio of 2.26, a current ratio of 6.97 and a quick ratio of 6.97.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Wednesday, May 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. Equities research analysts anticipate that Summit Therapeutics Inc. will post -0.26 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

A number of institutional investors have recently modified their holdings of SMMT. Vanguard Group Inc. boosted its position in Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after buying an additional 254,261 shares during the last quarter. Aristides Capital LLC acquired a new position in Summit Therapeutics in the 4th quarter worth about $210,000. China Universal Asset Management Co. Ltd. boosted its position in Summit Therapeutics by 352.8% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 81,071 shares of the company’s stock worth $212,000 after purchasing an additional 63,168 shares in the last quarter. Wealth Management Partners LLC grew its holdings in Summit Therapeutics by 193.3% in the first quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock valued at $182,000 after purchasing an additional 29,000 shares during the period. Finally, EntryPoint Capital LLC purchased a new stake in shares of Summit Therapeutics in the first quarter valued at approximately $100,000. 4.61% of the stock is currently owned by institutional investors.

About Summit Therapeutics

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.