Summit Therapeutics (NASDAQ:SMMT) Trading Up 0.8% - Here's What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s share price was up 0.8% on Monday . The company traded as high as $22.17 and last traded at $21.39. Approximately 592,087 shares changed hands during trading, a decline of 84% from the average daily volume of 3,717,354 shares. The stock had previously closed at $21.21.Get Summit Therapeutics alerts:Analyst Upgrades and DowngradesSummit Therapeutics Surges on Trial Results: Time to Buy?A number of research analysts have recently weighed in on SMMT shares. HC Wainwright restated a "buy" rating and set a $45.00 price target on shares of Summit Therapeutics in a report on Friday, October 4th. Stifel Nicolaus lifted their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Finally, Citigroup downgraded shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th.Get Our Latest Stock Report on Summit TherapeuticsSummit Therapeutics Stock Down 3.5 %The firm's fifty day moving average is $18.34 and its 200 day moving average is $10.82. Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year. Institutional Trading of Summit TherapeuticsHedge funds and other institutional investors have recently bought and sold shares of the stock. Griffin Asset Management Inc. acquired a new stake in Summit Therapeutics in the 3rd quarter worth $1,484,000. Millennium Management LLC bought a new position in shares of Summit Therapeutics in the second quarter worth about $15,154,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Summit Therapeutics by 131.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company's stock worth $168,000 after buying an additional 22,977 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Summit Therapeutics during the third quarter worth approximately $717,000. Finally, Squarepoint Ops LLC raised its stake in shares of Summit Therapeutics by 192.2% during the second quarter. Squarepoint Ops LLC now owns 86,064 shares of the company's stock worth $671,000 after buying an additional 56,614 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds. Summit Therapeutics Company Profile (Get Free Report)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.Further ReadingFive stocks we like better than Summit TherapeuticsHow to Calculate Return on Investment (ROI)Analysts Predict New Highs for Cybersecurity Stock by ChristmasCD Calculator: Certificate of Deposit Calculator Nuclear Power Reaches Critical Mass: Top Stocks to Watch NowWhat Does a Gap Up Mean in Stocks? How to Play the Gap2 Energy Stocks Surging on Billion-Dollar DOE Loan CommitmentsThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.→ Charles Payne Wants You Prepared for Q4 (From Unstoppable Prosperity) (Ad)Should you invest $1,000 in Summit Therapeutics right now?Before you consider Summit Therapeutics, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Summit Therapeutics wasn't on the list.While Summit Therapeutics currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here