Stifel Nicolaus Raises Summit Therapeutics (NASDAQ:SMMT) Price Target to $25.00

Summit Therapeutics (NASDAQ:SMMT) had its target price hoisted by stock analysts at Stifel Nicolaus from $14.00 to $25.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ target price points to a potential upside of 28.40% from the company’s previous close.

SMMT has been the subject of a number of other reports. HC Wainwright upped their price objective on shares of Summit Therapeutics from $16.00 to $30.00 and gave the company a “buy” rating in a research note on Monday. Citigroup raised their price objective on shares of Summit Therapeutics from $7.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, May 31st.

Summit Therapeutics Stock Performance

Shares of SMMT stock traded up $7.20 during mid-day trading on Monday, hitting $19.47. 23,788,633 shares of the stock traded hands, compared to its average volume of 2,949,631. Summit Therapeutics has a twelve month low of $1.56 and a twelve month high of $21.50. The company’s 50-day simple moving average is $10.58 and its 200-day simple moving average is $7.01. The firm has a market cap of $14.11 billion, a price-to-earnings ratio of -121.69 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly 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. Analysts forecast that Summit Therapeutics will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after purchasing an additional 254,261 shares in the last quarter. Millennium Management LLC acquired a new stake in shares of Summit Therapeutics in the second quarter worth about $15,154,000. TD Asset Management Inc bought a new position in shares of Summit Therapeutics in the 2nd quarter valued at approximately $2,081,000. The Manufacturers Life Insurance Company lifted its holdings in Summit Therapeutics by 167.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock worth $1,607,000 after purchasing an additional 128,934 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in Summit Therapeutics by 66.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock valued at $558,000 after purchasing an additional 53,774 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.