Shares of Summit Therapeutics PLC (NASDAQ:SMMT) shot up 7.5% during trading on Wednesday 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 $15.70 and last traded at $15.43, with a volume of 703,661 shares changing hands. The stock had previously closed at $14.35.
SMMT has been the subject of a number of other reports. HC Wainwright started coverage on shares of Summit Therapeutics PLC in a research note on Friday, September 16th. They issued a “buy” rating and a $26.00 price objective for the company. Zacks Investment Research raised shares of Summit Therapeutics PLC from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research note on Wednesday, September 14th. Canaccord Genuity reissued a “buy” rating and issued a $14.00 price objective on shares of Summit Therapeutics PLC in a research note on Friday, September 9th. Janney Montgomery Scott started coverage on shares of Summit Therapeutics PLC in a research note on Tuesday, June 21st. They issued a “buy” rating for the company. Finally, Oppenheimer Holdings Inc. reissued a “buy” rating on shares of Summit Therapeutics PLC in a research note on Thursday, June 16th. Six investment analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and an average price target of $23.80.
A hedge fund recently bought a new stake in Summit Therapeutics PLC stock. Granite Point Capital Management L.P. bought a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 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 as of its most recent SEC filing. 23.43% of the stock is owned by institutional investors.
The company’s market capitalization is $176.42 million. The firm’s 50-day moving average is $7.69 and its 200-day moving average is $7.73.
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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