Stifel Nicolaus Boosts Summit Therapeutics (NASDAQ:SMMT) Price Target to $40.00

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

Other analysts have also recently issued research reports about the stock. HC Wainwright raised their price objective on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a buy rating in a research note on Monday, September 16th. Citigroup upped their price target on shares of Summit Therapeutics from $13.00 to $19.00 and gave the company a buy rating in a report on Monday, September 9th.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $20.89 on Wednesday. Summit Therapeutics has a 12 month low of $1.64 and a 12 month high of $33.89. The firm’s fifty day simple moving average is $15.14 and its 200-day simple moving average is $8.91. The stock has a market capitalization of $15.13 billion, a price-to-earnings ratio of -130.53 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last released its 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. Analysts anticipate that Summit Therapeutics will post -0.27 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC raised its stake in 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 purchasing an additional 18,501 shares during the period. The Manufacturers Life Insurance Company lifted its holdings 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 worth $1,607,000 after buying an additional 128,934 shares in the last quarter. Millennium Management LLC acquired a new stake in Summit Therapeutics during the 2nd quarter valued at approximately $15,154,000. AQR Capital Management LLC bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth about $484,000. Finally, Squarepoint Ops LLC grew its position in shares of Summit Therapeutics by 192.2% during the 2nd quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock valued at $671,000 after buying an additional 56,614 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.