Summit Therapeutics (NASDAQ:SMMT) PT Raised to $40.00 at Stifel Nicolaus

Summit Therapeutics (NASDAQ:SMMT) had its target price increased by analysts at Stifel Nicolaus from $25.00 to $40.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price target suggests a potential upside of 75.36% from the stock’s current price.

Several other analysts have also recently issued reports on SMMT. Citigroup increased their price objective on Summit Therapeutics from $13.00 to $19.00 and gave the company a “buy” rating in a research note on Monday, September 9th. HC Wainwright increased their target price on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, September 16th.

Summit Therapeutics Stock Up 0.8 %

SMMT stock opened at $22.81 on Wednesday. The stock has a market cap of $16.01 billion, a price-to-earnings ratio of -142.56 and a beta of -0.99. Summit Therapeutics has a 52-week low of $1.64 and a 52-week high of $33.89. The business has a fifty day moving average of $14.88 and a two-hundred day moving average of $8.82.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. As a group, sell-side analysts anticipate that Summit Therapeutics will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC grew its position in Summit Therapeutics by 37.9% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 67,378 shares of the company’s stock valued at $526,000 after buying an additional 18,501 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Summit Therapeutics by 167.2% during the second quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock worth $1,607,000 after buying an additional 128,934 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Summit Therapeutics in the second quarter valued at approximately $15,154,000. AQR Capital Management LLC purchased a new stake in Summit Therapeutics in the 2nd quarter valued at about $484,000. Finally, Squarepoint Ops LLC raised its position in shares of Summit Therapeutics by 192.2% in the 2nd quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock worth $671,000 after buying an additional 56,614 shares during the period. Hedge funds and other institutional investors 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.