Summit Therapeutics (NASDAQ:SMMT) Sets New 12-Month High After Analyst Upgrade

Summit Therapeutics Inc. (NASDAQ:SMMT) hit a new 52-week high during mid-day trading on Monday after HC Wainwright raised their price target on the stock from $30.00 to $45.00. HC Wainwright currently has a buy rating on the stock. Summit Therapeutics traded as high as $33.74 and last traded at $31.67, with a volume of 2727208 shares. The stock had previously closed at $31.93.

A number of other equities research analysts also recently weighed in on the company. Stifel Nicolaus upped 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 Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, September 9th.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of 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 valued at $168,000 after acquiring an additional 22,977 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after acquiring an additional 254,261 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Summit Therapeutics by 131.9% during the 2nd quarter. Principal Financial Group Inc. now owns 36,133 shares of the company’s stock valued at $282,000 after acquiring an additional 20,553 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Summit Therapeutics by 18.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock valued at $138,000 after acquiring an additional 5,139 shares during the last quarter. Finally, Virtu Financial LLC lifted its position in shares of Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after acquiring an additional 3,846 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

The firm’s 50 day simple moving average is $13.13 and its 200-day simple moving average is $8.05. The company has a market capitalization of $18.41 billion, a price-to-earnings ratio of -163.88 and a beta of -0.99.

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

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.