Summit Therapeutics (NASDAQ:SMMT) Price Target Raised to $25.00

Summit Therapeutics (NASDAQ:SMMT) had its target price lifted by stock analysts at Stifel Nicolaus from $14.00 to $25.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 28.40% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. HC Wainwright raised their target price on shares of Summit Therapeutics from $16.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday. Citigroup upped their price target on shares of Summit Therapeutics from $7.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, May 31st.

Summit Therapeutics Price Performance

NASDAQ:SMMT traded up $7.20 on Monday, reaching $19.47. The stock had a trading volume of 23,788,633 shares, compared to its average volume of 2,949,631. Summit Therapeutics has a 12-month low of $1.56 and a 12-month high of $21.50. The company has a market cap of $14.11 billion, a price-to-earnings ratio of -121.69 and a beta of -0.99. The firm’s fifty day moving average is $10.58 and its two-hundred day moving average is $7.01.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results 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. As a group, research analysts forecast that Summit Therapeutics will post -0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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