Summit Therapeutics (NASDAQ:SMMT) PT Raised to $45.00

Summit Therapeutics (NASDAQ:SMMT) had its price objective upped by equities researchers at HC Wainwright from $30.00 to $45.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 40.93% from the stock’s previous close.

Several other research firms have also commented on SMMT. Stifel Nicolaus upped their target price on Summit Therapeutics from $14.00 to $25.00 and gave the company a “buy” rating in a report on Monday, September 9th. Citigroup upped their price objective 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 Trading Up 16.5 %

Shares of SMMT opened at $31.93 on Monday. The firm has a market cap of $22.41 billion, a price-to-earnings ratio of -199.56 and a beta of -0.99. Summit Therapeutics has a 52 week low of $1.64 and a 52 week high of $33.60. The stock has a 50 day moving average of $12.32 and a 200-day moving average of $7.73.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC boosted its position in shares of Summit Therapeutics by 37.9% during the second quarter. Susquehanna Fundamental Investments LLC now owns 67,378 shares of the company’s stock worth $526,000 after buying an additional 18,501 shares during the period. The Manufacturers Life Insurance Company increased its position in Summit Therapeutics by 167.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock valued at $1,607,000 after acquiring an additional 128,934 shares during the period. Millennium Management LLC bought a new stake in Summit Therapeutics during the 2nd quarter valued at $15,154,000. AQR Capital Management LLC acquired a new position in Summit Therapeutics during the 2nd quarter worth $484,000. Finally, Squarepoint Ops LLC grew its stake in shares of Summit Therapeutics by 192.2% in the second quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock worth $671,000 after purchasing an additional 56,614 shares in the last quarter. Institutional investors 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.