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

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

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

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $20.89 on Wednesday. Summit Therapeutics has a fifty-two week low of $1.64 and a fifty-two week high of $33.89. The business’s 50-day simple moving average is $15.14 and its two-hundred day simple moving average is $8.91. The company has a market cap of $15.13 billion, a PE ratio of -130.53 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. As a group, analysts predict that Summit Therapeutics will post -0.27 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Aristides Capital LLC purchased a new stake in shares of Summit Therapeutics in the 4th quarter valued at approximately $210,000. Sectoral Asset Management Inc. increased its stake in Summit Therapeutics by 50.0% during the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after purchasing an additional 10,000 shares during the period. Wealth Management Partners LLC increased its stake in Summit Therapeutics by 193.3% during the 1st quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock worth $182,000 after buying an additional 29,000 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in Summit Therapeutics by 66.3% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock valued at $558,000 after buying an additional 53,774 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Summit Therapeutics by 131.3% during the 1st 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 in the last quarter. 4.61% of the stock is currently 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.