Summit Therapeutics (NASDAQ:SMMT) Sets New 1-Year High After Analyst Upgrade

Summit Therapeutics Inc. (NASDAQ:SMMT) shares hit a new 52-week high during mid-day trading on Monday after Citigroup raised their price target on the stock from $13.00 to $19.00. Citigroup currently has a buy rating on the stock. Summit Therapeutics traded as high as $15.85 and last traded at $15.85, with a volume of 3520758 shares trading hands. The stock had previously closed at $12.27.

A number of other equities research analysts have also recently commented on SMMT. Stifel Nicolaus lifted their price objective on Summit Therapeutics from $14.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday. HC Wainwright boosted their price target on Summit Therapeutics from $16.00 to $30.00 and gave the company a “buy” rating in a report on Monday.

Institutional Investors Weigh In On Summit Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC bought a new position in shares of Summit Therapeutics in the 2nd quarter valued at $15,154,000. TD Asset Management Inc acquired a new stake in Summit Therapeutics during the 2nd quarter worth about $2,081,000. Vanguard Group Inc. grew its stake in shares of Summit Therapeutics by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after buying an additional 254,261 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of 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 buying an additional 128,934 shares during the period. Finally, Aristides Capital LLC acquired a new stake in shares of Summit Therapeutics in the 4th quarter valued at about $210,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Trading Up 20.0 %

The firm has a market cap of $16.64 billion, a P/E ratio of -143.56 and a beta of -0.99. The company’s 50-day moving average is $11.10 and its two-hundred day moving average is $7.24.

Summit Therapeutics (NASDAQ:SMMT) last posted 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. Research analysts anticipate that Summit Therapeutics Inc. will post -0.27 EPS for the current fiscal year.

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.