Summit Therapeutics (NASDAQ:SMMT) PT Raised to $19.00

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

Several other brokerages also recently commented on SMMT. HC Wainwright upped their price objective on shares of Summit Therapeutics from $16.00 to $30.00 and gave the company a buy rating in a research note on Monday. Stifel Nicolaus upped their price target on Summit Therapeutics from $14.00 to $25.00 and gave the company a buy rating in a research report on Monday.

Summit Therapeutics Trading Up 56.0 %

Shares of NASDAQ:SMMT traded up $6.87 on Monday, reaching $19.14. 47,799,461 shares of the company traded hands, compared to its average volume of 3,112,015. The business's 50-day simple moving average is $10.58 and its 200 day simple moving average is $7.01. The stock has a market capitalization of $13.87 billion, a P/E ratio of -125.88 and a beta of -0.99. Summit Therapeutics has a 52 week low of $1.56 and a 52 week high of $21.50.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued 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. Sell-side analysts expect that Summit Therapeutics will post -0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of SMMT. Hoylecohen LLC increased its position in shares of Summit Therapeutics by 2.4% during the second quarter. Hoylecohen LLC now owns 86,408 shares of the company's stock valued at $674,000 after buying an additional 2,000 shares during the period. Russell Investments Group Ltd. increased its position in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock valued at $25,000 after buying an additional 3,579 shares in the last quarter. Virtu Financial LLC raised its position in shares of Summit Therapeutics by 23.3% in the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock worth $84,000 after purchasing an additional 3,846 shares during the last quarter. Alpine Global Management LLC raised its holdings in Summit Therapeutics by 16.7% in the 1st quarter. Alpine Global Management LLC now owns 35,000 shares of the company's stock worth $145,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted 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 acquiring an additional 5,139 shares during the period. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.