Summit Therapeutics (NASDAQ:SMMT) Price Target Raised to $45.00

Summit Therapeutics (NASDAQ:SMMT) had its price target lifted by HC Wainwright from $30.00 to $45.00 in a research report report published on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

SMMT has been the topic of several other research reports. Stifel Nicolaus boosted their price target on Summit Therapeutics from $14.00 to $25.00 and gave the stock a buy rating in a research note on Monday, September 9th. Citigroup boosted their price target on Summit Therapeutics from $13.00 to $19.00 and gave the stock a buy rating in a research note on Monday, September 9th.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $24.56 on Monday. Summit Therapeutics has a one year low of $1.64 and a one year high of $33.89. The business’s 50-day simple moving average is $13.46 and its 200 day simple moving average is $8.17. The stock has a market cap of $17.24 billion, a price-to-earnings ratio of -153.50 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly 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, equities research analysts predict that Summit Therapeutics will post -0.27 EPS for the current year.

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Summit Therapeutics by 3.6% during 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 in the last quarter. Millennium Management LLC acquired a new stake in Summit Therapeutics during the second quarter valued at approximately $15,154,000. TD Asset Management Inc bought a new position in shares of Summit Therapeutics during the second quarter valued at approximately $2,081,000. The Manufacturers Life Insurance Company grew its holdings in shares of Summit Therapeutics by 167.2% during the second quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock valued at $1,607,000 after purchasing an additional 128,934 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings 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 valued at $558,000 after purchasing an additional 53,774 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.