Summit Therapeutics PLC (SMMT) Sets New 12-Month High on Analyst Upgrade

Summit Therapeutics PLC (NASDAQ:SMMT) hit 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.

A number of other equities research analysts also recently commented on the stock. HC Wainwright began coverage on shares of Summit Therapeutics PLC in a report on Friday, September 16th. They set a “buy” rating and a $26.00 price target for the company. Zacks Investment Research upgraded shares of Summit Therapeutics PLC from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a report on Wednesday, September 14th. Canaccord Genuity restated a “buy” rating and issued a $14.00 target price on shares of Summit Therapeutics PLC in a report on Friday, September 9th. Janney Montgomery Scott initiated coverage on shares of Summit Therapeutics PLC in a report on Tuesday, June 21st. They issued a “buy” rating for the company. Finally, Oppenheimer Holdings Inc. restated a “buy” rating on shares of Summit Therapeutics PLC in a report on Thursday, June 16th. Six equities research analysts have rated the stock with a buy rating, Summit Therapeutics PLC has a consensus rating of “Buy” and a consensus price target of $23.80.

An institutional investor recently bought a new position in Summit Therapeutics PLC stock. Granite Point Capital Management L.P. acquired a new stake in Summit Therapeutics PLC (NASDAQ:SMMT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 112,676 shares of the company’s stock, valued at approximately $891,000. Granite Point Capital Management L.P. owned approximately 0.92% of Summit Therapeutics PLC at the end of the most recent quarter. 23.43% of the stock is owned by institutional investors and hedge funds.

The stock has a 50 day moving average of $7.69 and a 200-day moving average of $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).

5 Day Chart for NASDAQ:SMMT

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