Summit Therapeutics (NASDAQ:SMMT) Sets New 1-Year High at $12.47

Summit Therapeutics Inc. (NASDAQ:SMMT) reached a new 52-week high during trading on Monday . The company traded as high as $12.47 and last traded at $12.47, with a volume of 1140276 shares trading hands. The stock had previously closed at $11.60.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Citigroup boosted their target price 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. Stifel Nicolaus upped their price objective on Summit Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a research note on Monday, June 3rd. Finally, HC Wainwright assumed coverage on shares of Summit Therapeutics in a report on Monday, August 12th. They issued a “buy” rating and a $16.00 price objective for the company.

Summit Therapeutics Trading Up 5.3 %

The firm has a market capitalization of $8.57 billion, a price-to-earnings ratio of -77.94 and a beta of -0.97. The business has a 50-day moving average price of $9.11 and a two-hundred day moving average price of $6.11.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Hoylecohen LLC grew its position in Summit Therapeutics by 2.4% in the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after buying an additional 2,000 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after acquiring an additional 3,579 shares during the period. Virtu Financial LLC raised its holdings in Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after purchasing an additional 3,846 shares in the last quarter. Alpine Global Management LLC lifted its position in Summit Therapeutics by 16.7% in the first quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock worth $145,000 after purchasing an additional 5,000 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Summit Therapeutics by 18.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock valued at $138,000 after purchasing an additional 5,139 shares in 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.