Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated at Truist Financial

Analysts at Truist Financial began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $35.00 price target on the stock. Truist Financial’s price target suggests a potential upside of 85.97% from the company’s current price.

SMMT has been the topic of a number of other reports. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $19.00 to $23.00 in a research note on Friday, September 27th. JMP Securities assumed coverage on Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target on the stock. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective for the company. Stifel Nicolaus increased their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Stock Up 3.6 %

Shares of NASDAQ SMMT opened at $18.82 on Wednesday. The company has a market capitalization of $13.88 billion, a PE ratio of -67.21 and a beta of -0.87. Summit Therapeutics has a twelve month low of $2.10 and a twelve month high of $33.89. The firm has a fifty day simple moving average of $18.83 and a 200 day simple moving average of $16.39.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Darwin Wealth Management LLC acquired a new position in shares of Summit Therapeutics during the third quarter valued at about $25,000. Covestor Ltd lifted its position in Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after acquiring an additional 1,190 shares in the last quarter. Fred Alger Management LLC acquired a new position in Summit Therapeutics during the 3rd quarter valued at about $105,000. XTX Topco Ltd acquired a new position in Summit Therapeutics during the 2nd quarter valued at about $121,000. Finally, CIBC Asset Management Inc bought a new stake in Summit Therapeutics during the 2nd quarter worth approximately $154,000. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.