Summit Therapeutics (NASDAQ:SMMT) Research Coverage Started at Evercore ISI

Evercore ISI assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a report published on Wednesday, Marketbeat reports. The brokerage issued an outperform rating and a $30.00 price target on the stock.

SMMT has been the topic of several other reports. Truist Financial initiated coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. Jefferies Financial Group initiated coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Finally, The Goldman Sachs Group began coverage on Summit Therapeutics in a research report on Friday, February 28th. They issued a “buy” rating and a $42.00 price target on the stock. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.11.

Summit Therapeutics Price Performance

SMMT stock opened at $20.79 on Wednesday. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89. The firm has a 50-day moving average of $20.12 and a 200 day moving average of $19.72. The company has a market cap of $15.34 billion, a P/E ratio of -74.25 and a beta of -1.03.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. On average, equities research analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jefferies Financial Group Inc. bought a new position in Summit Therapeutics in the 4th quarter valued at approximately $803,000. GF Fund Management CO. LTD. bought a new position in Summit Therapeutics in the 4th quarter valued at approximately $302,000. Neo Ivy Capital Management bought a new position in Summit Therapeutics in the 4th quarter valued at approximately $3,739,000. Tema Etfs LLC bought a new position in Summit Therapeutics in the 4th quarter valued at approximately $475,000. Finally, Toronto Dominion Bank bought a new position in Summit Therapeutics in the 4th quarter valued at approximately $446,000. 4.61% of the stock is owned by institutional investors.

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.