Summit Therapeutics (NASDAQ:SMMT) Share Price Passes Above 50 Day Moving Average – Here’s What Happened

Summit Therapeutics PLC (NASDAQ:SMMT) shares passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $17.63 and traded as high as $17.98. Summit Therapeutics shares last traded at $17.37, with a volume of 3,541,519 shares traded.

Wall Street Analyst Weigh In

SMMT has been the topic of several recent analyst reports. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Summit Redstone set a $18.00 price objective on Summit Therapeutics in a report on Wednesday, December 17th. Wolfe Research assumed coverage on shares of Summit Therapeutics in a report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Wednesday, October 8th. Finally, Guggenheim reissued a “buy” rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Summit Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $33.08.

Summit Therapeutics Stock Up 3.1%

The company has a market cap of $13.39 billion, a P/E ratio of -14.01 and a beta of -1.51. The firm has a fifty day moving average price of $17.63 and a 200 day moving average price of $21.04.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, October 20th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.17). On average, sell-side analysts anticipate that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

Hedge funds have recently modified their holdings of the stock. Ball & Co Wealth Management Inc. bought a new position in Summit Therapeutics in the 2nd quarter worth approximately $31,000. Crowley Wealth Management Inc. increased its stake in shares of 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 buying an additional 600 shares during the period. SBI Securities Co. Ltd. increased its stake in shares of Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock valued at $37,000 after buying an additional 447 shares during the period. Parallel Advisors LLC bought a new stake in shares of Summit Therapeutics during the third quarter worth $39,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Summit Therapeutics by 325.5% during the second quarter. PNC Financial Services Group Inc. now owns 2,638 shares of the company’s stock valued at $56,000 after acquiring an additional 2,018 shares during the period. 4.61% of the stock is owned by institutional investors.

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.