Summit Therapeutics Inc. (NASDAQ:SMMT) Given Consensus Recommendation of “Buy” by Analysts

Summit Therapeutics Inc. (NASDAQ:SMMT) has been given a consensus rating of “Buy” by the ten brokerages that are currently covering the stock, MarketBeat Ratings reports. Ten research analysts have rated the stock with a buy rating. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $35.44.

Several analysts have issued reports on the company. StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Citigroup raised shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $23.00 to $35.00 in a research note on Wednesday. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Finally, Truist Financial assumed coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock.

Institutional Trading of Summit Therapeutics

Large investors have recently modified their holdings of the business. Baker BROS. Advisors LP raised its position in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Summit Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock worth $116,995,000 after acquiring an additional 1,118,270 shares during the period. FMR LLC boosted its holdings in Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after acquiring an additional 737,692 shares in the last quarter. Vanguard Group Inc. increased its position in Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after purchasing an additional 724,040 shares during the period. Finally, Pictet Asset Management Holding SA raised its holdings in Summit Therapeutics by 100.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company’s stock worth $24,755,000 after purchasing an additional 695,843 shares in the last quarter. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $20.60 on Friday. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $33.89. The company has a fifty day moving average of $20.49 and a 200-day moving average of $20.18. The company has a market capitalization of $15.20 billion, a P/E ratio of -73.57 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. As a group, analysts forecast that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Summit Therapeutics Company Profile

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.