Equities researchers at BTIG Research assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $33.00 price target on the stock. BTIG Research’s price objective would indicate a potential upside of 173.86% from the stock’s previous close.
A number of other analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, November 14th. HC Wainwright reissued a “buy” rating and set a $16.00 price target on shares of Summit Therapeutics in a research report on Thursday, December 7th. SunTrust Banks initiated coverage on shares of Summit Therapeutics in a research report on Thursday, January 4th. They set a “buy” rating and a $24.00 price target for the company. Oppenheimer raised their price target on shares of Summit Therapeutics from $24.00 to $30.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Finally, Canaccord Genuity reissued a “buy” rating on shares of Summit Therapeutics in a research report on Monday, October 16th. One analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $24.17.
Shares of Summit Therapeutics (NASDAQ:SMMT) opened at $12.05 on Tuesday. Summit Therapeutics has a 12 month low of $8.80 and a 12 month high of $16.86. The stock has a market cap of $149.51, a P/E ratio of -120.50 and a beta of 0.73.
Several hedge funds have recently added to or reduced their stakes in SMMT. Sphera Funds Management LTD. grew its position in shares of Summit Therapeutics by 49.3% during the third quarter. Sphera Funds Management LTD. now owns 212,018 shares of the company’s stock worth $2,654,000 after buying an additional 70,000 shares in the last quarter. Granite Point Capital Management L.P. boosted its holdings in Summit Therapeutics by 106.7% in the third quarter. Granite Point Capital Management L.P. now owns 242,113 shares of the company’s stock worth $3,031,000 after purchasing an additional 125,000 shares during the period. Alyeska Investment Group L.P. acquired a new position in Summit Therapeutics in the third quarter worth $628,000. Highbridge Capital Management LLC acquired a new position in Summit Therapeutics in the third quarter worth $1,004,000. Finally, Point72 Asset Management L.P. boosted its holdings in Summit Therapeutics by 0.7% in the third quarter. Point72 Asset Management L.P. now owns 806,471 shares of the company’s stock worth $10,121,000 after purchasing an additional 5,240 shares during the period. 30.13% of the stock is owned by institutional investors and hedge funds.
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About Summit Therapeutics
Summit Therapeutics plc is a biopharmaceutical company, which is engaged in drug development. The Company is focused on the discovery, development and commercialization of medicines for indications for which there are no existing or only inadequate therapies. It is conducting clinical programs focused on the genetic disease Duchenne muscular dystrophy (DMD) and the infectious disease Clostridium difficile infection (CDI).
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