Summit Therapeutics (NASDAQ:SMMT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Friday. The brokerage presently has a $14.00 price objective on the stock. Zacks Investment Research‘s target price points to a potential upside of 12.63% from the company’s current price.
According to Zacks, “Summit Therapeutics PLC is engaged in the discovery and development of drug to treat the fatal muscle wasting disease Duchenne Muscular Dystrophy and infections caused by the bacteria C. difficile. Summit Therapeutics PLC is headquartered in Abingdon, the United Kingdom. “
SMMT has been the subject of several other reports. ValuEngine downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Thursday, October 5th. Oppenheimer reaffirmed a “buy” rating and set a $24.00 target price on shares of Summit Therapeutics in a report on Monday, October 16th. Canaccord Genuity reaffirmed a “buy” rating on shares of Summit Therapeutics in a report on Monday, October 16th. HC Wainwright reaffirmed a “buy” rating and set a $16.00 target price on shares of Summit Therapeutics in a report on Friday, December 1st. Finally, SunTrust Banks initiated coverage on Summit Therapeutics in a report on Thursday, January 4th. They set a “buy” rating and a $24.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the stock. Summit Therapeutics has a consensus rating of “Buy” and a consensus target price of $21.20.
Institutional investors have recently made changes to their positions in the stock. Susquehanna International Group LLP purchased a new stake in Summit Therapeutics in the 3rd quarter worth about $1,828,000. Granite Point Capital Management L.P. raised its stake in shares of Summit Therapeutics by 106.7% during the 3rd 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 in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Summit Therapeutics during the 3rd quarter worth about $628,000. Sphera Funds Management LTD. raised its stake in shares of Summit Therapeutics by 49.3% during the 3rd quarter. Sphera Funds Management LTD. now owns 212,018 shares of the company’s stock worth $2,654,000 after purchasing an additional 70,000 shares in the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in shares of Summit Therapeutics during the 3rd quarter worth about $1,004,000. 29.30% of the stock is owned by hedge funds and other institutional investors.
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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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