Summit Therapeutics (NASDAQ:SMMT) Price Target Raised to $19.00

Summit Therapeutics (NASDAQ:SMMT) had its price objective hoisted by Citigroup from $13.00 to $19.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also recently weighed in on the company. HC Wainwright lifted their price target on Summit Therapeutics from $16.00 to $30.00 and gave the stock a buy rating in a research note on Monday. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $14.00 to $25.00 and gave the stock a buy rating in a report on Monday.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT opened at $22.70 on Monday. The stock has a market capitalization of $15.93 billion, a price-to-earnings ratio of -141.88 and a beta of -0.99. Summit Therapeutics has a 1-year low of $1.61 and a 1-year high of $24.07. The company has a 50 day moving average price of $11.42 and a 200 day moving average price of $7.35.

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

Institutional Trading of Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SMMT. Aristides Capital LLC acquired a new position in Summit Therapeutics during the fourth quarter valued at $210,000. Sectoral Asset Management Inc. increased its holdings in shares of Summit Therapeutics by 50.0% in the 4th quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock valued at $78,000 after purchasing an additional 10,000 shares during the period. Wealth Management Partners LLC lifted its position in shares of Summit Therapeutics by 193.3% in the first quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock worth $182,000 after purchasing an additional 29,000 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted 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 worth $558,000 after purchasing an additional 53,774 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Summit Therapeutics by 131.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after purchasing an additional 22,977 shares during the period. 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.