Summit Therapeutics (NASDAQ:SMMT) PT Raised to $45.00 at HC Wainwright

Summit Therapeutics (NASDAQ:SMMT - Free Report) had its price objective upped by HC Wainwright from $30.00 to $45.00 in a report published on Monday, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the company. Stifel Nicolaus boosted their target price on Summit Therapeutics from $14.00 to $25.00 and gave the stock a buy rating in a research report on Monday, September 9th. Citigroup upped their target price on shares of Summit Therapeutics from $13.00 to $19.00 and gave the company a buy rating in a research note on Monday, September 9th.

Summit Therapeutics Stock Down 7.7 %

SMMT stock traded down $2.45 during midday trading on Monday, reaching $29.48. The company's stock had a trading volume of 14,678,460 shares, compared to its average volume of 3,549,122. The business's 50-day simple moving average is $12.32 and its 200-day simple moving average is $7.73. Summit Therapeutics has a 52 week low of $1.64 and a 52 week high of $33.89. The stock has a market cap of $20.69 billion, a PE ratio of -184.25 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. As a group, equities analysts forecast that Summit Therapeutics will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Susquehanna Fundamental Investments LLC raised its holdings in Summit Therapeutics by 37.9% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 67,378 shares of the company's stock worth $526,000 after buying an additional 18,501 shares during the period. The Manufacturers Life Insurance Company lifted its position 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 valued at $1,607,000 after acquiring an additional 128,934 shares in the last quarter. Millennium Management LLC bought a new stake in Summit Therapeutics in the 2nd quarter valued at $15,154,000. AQR Capital Management LLC acquired a new position in Summit Therapeutics in the 2nd quarter worth $484,000. Finally, Squarepoint Ops LLC increased its holdings in Summit Therapeutics by 192.2% during the 2nd quarter. Squarepoint Ops LLC now owns 86,064 shares of the company's stock worth $671,000 after purchasing an additional 56,614 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.