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

Summit Therapeutics Inc. (NASDAQ:SMMT) has earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $34.63.

SMMT has been the topic of a number of recent research reports. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target on the stock. JMP Securities initiated coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective on the stock. StockNews.com lowered Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Tuesday. Truist Financial initiated coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, Jefferies Financial Group initiated coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective on the stock.

Summit Therapeutics Trading Up 11.9 %

Shares of SMMT stock opened at $20.69 on Monday. The business’s 50-day moving average price is $19.99 and its 200-day moving average price is $19.25. Summit Therapeutics has a 12 month low of $2.10 and a 12 month high of $33.89. The firm has a market capitalization of $15.26 billion, a price-to-earnings ratio of -73.89 and a beta of -0.88.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million for the quarter. On average, sell-side analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Baker BROS. Advisors LP increased its holdings in Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after purchasing an additional 1,202,643 shares in the last quarter. Cerity Partners LLC bought a new stake in Summit Therapeutics in the third quarter worth approximately $2,178,000. FMR LLC increased 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 worth $181,838,000 after purchasing an additional 737,692 shares in the last quarter. Griffin Asset Management Inc. increased its holdings in Summit Therapeutics by 63.3% in the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock worth $1,975,000 after purchasing an additional 42,900 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Summit Therapeutics by 69.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company’s stock worth $3,052,000 after purchasing an additional 56,879 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

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.