Summit Therapeutics (NASDAQ:SMMT) Earns Market Outperform Rating from JMP Securities

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “market outperform” rating restated by analysts at JMP Securities in a report released on Monday,Benzinga reports. They presently have a $40.00 price target on the stock. JMP Securities’ target price suggests a potential upside of 69.35% from the company’s current price.

SMMT has been the topic of a number of other reports. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They issued a “buy” rating and a $42.00 price target for the company. Truist Financial started coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective for the company. Evercore ISI assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 target price on the stock. Finally, Jefferies Financial Group set a $44.00 price target on Summit Therapeutics and gave the stock a “buy” rating in a research note on Friday. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $37.50.

Summit Therapeutics Trading Down 2.0 %

SMMT opened at $23.62 on Monday. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $36.91. The company has a market cap of $17.42 billion, a price-to-earnings ratio of -84.35 and a beta of -0.46. The company’s 50 day moving average is $21.01 and its 200 day moving average is $20.20.

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

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds have recently bought and sold shares of the stock. Brooklyn Investment Group acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at $29,000. Golden State Wealth Management LLC increased its holdings in Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock valued at $29,000 after buying an additional 751 shares in the last quarter. National Bank of Canada FI acquired a new position in shares of Summit Therapeutics in the fourth quarter worth about $30,000. Steward Partners Investment Advisory LLC boosted its stake in shares of Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after acquiring an additional 900 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of Summit Therapeutics by 1,400.0% during the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company’s stock valued at $58,000 after acquiring an additional 2,800 shares during the period. Hedge funds and other 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.