Summit Therapeutics (NASDAQ:SMMT) Price Target Increased to $19.00 by Analysts at Citigroup

Summit Therapeutics (NASDAQ:SMMT) had its price target increased by Citigroup from $13.00 to $19.00 in a report issued on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently commented on SMMT. HC Wainwright lifted their price target on Summit Therapeutics from $16.00 to $30.00 and gave the stock a buy rating in a research report on Monday. Stifel Nicolaus raised their price objective on shares of Summit Therapeutics from $14.00 to $25.00 and gave the stock a buy rating in a research note on Monday.

Summit Therapeutics Stock Performance

Shares of SMMT stock opened at $22.70 on Monday. Summit Therapeutics has a twelve month low of $1.61 and a twelve month high of $24.07. The company has a market capitalization of $15.93 billion, a price-to-earnings ratio of -141.88 and a beta of -0.99. The stock’s 50 day simple moving average is $11.42 and its 200 day simple moving average is $7.35.

Summit Therapeutics (NASDAQ:SMMT) last posted 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. On average, analysts forecast that Summit Therapeutics will post -0.27 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

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

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.