Summit Therapeutics (NASDAQ:SMMT) PT Raised to $40.00

Summit Therapeutics (NASDAQ:SMMT) had its target price increased by Stifel Nicolaus from $25.00 to $40.00 in a report released on Wednesday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

SMMT has been the subject of several other research reports. Citigroup boosted their price objective on Summit Therapeutics from $13.00 to $19.00 and gave the company a buy rating in a report on Monday, September 9th. HC Wainwright boosted their price target on Summit Therapeutics from $30.00 to $45.00 and gave the company a buy rating in a report on Monday, September 16th.

Summit Therapeutics Trading Down 8.4 %

Shares of NASDAQ:SMMT opened at $20.89 on Wednesday. Summit Therapeutics has a twelve month low of $1.64 and a twelve month high of $33.89. The company has a market cap of $15.13 billion, a PE ratio of -130.53 and a beta of -0.99. The company’s 50 day moving average is $15.38 and its 200 day moving average is $9.03.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Equities research analysts predict that Summit Therapeutics will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently bought and sold shares of the business. Aristides Capital LLC purchased a new stake in shares of Summit Therapeutics in the fourth quarter valued at approximately $210,000. Sectoral Asset Management Inc. lifted its holdings in Summit Therapeutics by 50.0% during the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock valued at $78,000 after purchasing an additional 10,000 shares in the last quarter. Wealth Management Partners LLC grew its position in shares of 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. China Universal Asset Management Co. Ltd. increased its stake in shares of Summit Therapeutics by 66.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock worth $558,000 after purchasing an additional 53,774 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Summit Therapeutics by 131.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after purchasing an additional 22,977 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.