Summit Therapeutics PLC (NASDAQ:SMMT)’s share price 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 traded. The stock had previously closed at $14.35.
A number of other equities analysts also recently commented on SMMT. Zacks Investment Research downgraded Summit Therapeutics PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, July 5th. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Summit Therapeutics PLC in a research note on Thursday, June 16th. Canaccord Genuity reiterated a “buy” rating on shares of Summit Therapeutics PLC in a research note on Thursday, June 16th. Janney Montgomery Scott began coverage on Summit Therapeutics PLC in a research note on Tuesday, June 21st. They issued a “buy” rating for the company. Finally, HC Wainwright initiated coverage on Summit Therapeutics PLC in a research note on Friday, September 16th. They issued a “buy” rating and a $26.00 price target for the company. Six investment analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and an average target price 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 position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 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 as of its most recent filing with the SEC. 23.43% of the stock is currently owned by institutional investors.
The company’s market capitalization is $164.37 million. The company’s 50-day moving average price is $7.88 and its 200 day moving average price is $7.77.
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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