Summit Therapeutics (NASDAQ:SMMT) Given New $40.00 Price Target at Stifel Nicolaus

Summit Therapeutics (NASDAQ:SMMT) had its price objective boosted by Stifel Nicolaus from $25.00 to $40.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 66.11% from the company’s previous close.

A number of other brokerages have also weighed in on SMMT. Citigroup upped their target price on shares of Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, September 9th. HC Wainwright increased their price objective 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.

Summit Therapeutics Stock Up 0.3 %

SMMT stock traded up $0.08 during trading on Wednesday, reaching $24.08. The company’s stock had a trading volume of 1,268,541 shares, compared to its average volume of 3,719,161. The company’s fifty day moving average is $14.61 and its 200-day moving average is $8.72. The company has a market capitalization of $17.45 billion, a P/E ratio of -150.50 and a beta of -0.99. Summit Therapeutics has a 1 year low of $1.64 and a 1 year high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating 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 Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Aristides Capital LLC bought a new position in Summit Therapeutics during the fourth quarter valued at $210,000. Sectoral Asset Management Inc. grew its position in Summit Therapeutics by 50.0% in the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after acquiring an additional 10,000 shares in the last quarter. Wealth Management Partners LLC increased its stake in Summit Therapeutics by 193.3% during the first quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock worth $182,000 after acquiring an additional 29,000 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its position in 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 valued at $558,000 after purchasing an additional 53,774 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Summit Therapeutics by 131.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock valued at $168,000 after purchasing an additional 22,977 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.