Summit Therapeutics (NASDAQ:SMMT) Sets New 52-Week High Following Analyst Upgrade

Summit Therapeutics Inc. (NASDAQ:SMMT) shares hit a new 52-week high 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 trading hands. The stock had previously closed at $31.93.

Other research analysts also recently issued research reports about the company. Citigroup upped their target price on Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, September 9th. Stifel Nicolaus upped their price target on Summit Therapeutics from $14.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, September 9th.

Hedge Funds Weigh In On Summit Therapeutics

Several large investors have recently made changes to their positions in SMMT. Hoylecohen LLC raised its stake in Summit Therapeutics by 2.4% during the second quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after buying an additional 2,000 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares in the last quarter. Virtu Financial LLC raised its holdings in Summit Therapeutics by 23.3% in the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after buying an additional 3,846 shares during the last quarter. Alpine Global Management LLC lifted its stake in shares of Summit Therapeutics by 16.7% in the first quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock worth $145,000 after buying an additional 5,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Summit Therapeutics by 18.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock valued at $138,000 after buying an additional 5,139 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

The stock has a market cap of $20.54 billion, a PE ratio of -183.56 and a beta of -0.99. The company has a 50 day moving average price of $12.32 and a two-hundred day moving average price of $7.73.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. As a group, equities analysts predict 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.