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

Summit Therapeutics Inc. (NASDAQ:SMMT) has received an average recommendation of “Buy” from the eleven research firms that are presently covering the stock, Marketbeat.com reports. Ten investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $37.40.

SMMT has been the topic of several research analyst reports. Citigroup upgraded Summit Therapeutics from a “neutral” rating to a “buy” rating and upped their target price for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. TD Cowen upgraded Summit Therapeutics to a “strong-buy” rating in a report on Thursday, May 8th. Evercore ISI initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price objective for the company. JMP Securities reiterated a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. Finally, Summit Redstone set a $35.00 target price on shares of Summit Therapeutics in a research note on Wednesday, March 26th.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $22.75 on Friday. The firm has a market cap of $16.90 billion, a price-to-earnings ratio of -81.25 and a beta of -0.94. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $36.91. The firm has a 50 day moving average price of $22.28 and a two-hundred day moving average price of $20.50.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. As a group, equities research 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 and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. acquired a new position in Summit Therapeutics during the 3rd quarter valued at about $2,091,000. SeaCrest Wealth Management LLC bought a new position in shares of Summit Therapeutics in the fourth quarter valued at approximately $444,000. Assenagon Asset Management S.A. purchased a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $229,000. Avanza Fonder AB bought a new stake in Summit Therapeutics during the fourth quarter worth $115,000. Finally, Brooklyn Investment Group bought a new stake in Summit Therapeutics during the fourth quarter worth $29,000. 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.