Summit Therapeutics PLC (SMMT) Sets New 12-Month High on Analyst Upgrade
Summit Therapeutics PLC (NASDAQ:SMMT)’s share price reached a new 52-week high during trading on Tuesday after Needham & Company raised their price target on the stock from $22.00 to $30.00. Needham & Company currently has a buy rating on the stock. Summit Therapeutics PLC traded as high as $19.75 and last traded at $16.56, with a volume of 3,633,747 shares. The stock had previously closed at $8.65.
Several other research firms have also commented on SMMT. Canaccord Genuity restated a “buy” rating on shares of Summit Therapeutics PLC in a research report on Thursday, June 16th. Zacks Investment Research upgraded shares of Summit Therapeutics PLC from a “sell” rating to a “hold” rating in a research report on Wednesday, August 3rd. Oppenheimer Holdings Inc. restated a “buy” rating on shares of Summit Therapeutics PLC in a research report on Thursday, June 16th. Janney Montgomery Scott started coverage on shares of Summit Therapeutics PLC in a research report on Tuesday, June 21st. They set a “buy” rating for the company. Finally, HC Wainwright started coverage on shares of Summit Therapeutics PLC in a research report on Friday, September 16th. They issued a “buy” rating and a $26.00 target price for the company. Six analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and a consensus target price of $23.80.
A hedge fund recently bought a new stake in Summit Therapeutics PLC stock. Granite Point Capital Management L.P. purchased a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 112,676 shares of the company’s stock, valued at approximately $891,000. Granite Point Capital Management L.P. owned 0.92% of Summit Therapeutics PLC at the end of the most recent reporting period. 23.43% of the stock is currently owned by institutional investors.
The firm’s 50 day moving average price is $7.69 and its 200 day moving average price is $7.73. The firm’s market capitalization is $176.42 million.
About Summit Therapeutics PLC
Summit Therapeutics plc, formerly Summit Corporation plc, is a United Kingdom-based biopharmaceutical company. The Company is focused on the discovery, development and commercialization of medicines for indications for which there are no existing or only inadequate therapies. The Company 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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