Summit Therapeutics (NASDAQ:SMMT) Now Covered by Analysts at Leerink Partners

Leerink Partners began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note released on Wednesday, Marketbeat reports. The firm issued an underperform rating and a $12.00 price objective on the stock.

Several other analysts have also recently issued reports on SMMT. Wall Street Zen upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Evercore ISI initiated coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price objective on the stock. Summit Redstone set a $35.00 price objective on Summit Therapeutics in a research note on Wednesday, March 26th. TD Cowen raised shares of Summit Therapeutics to a “strong-buy” rating in a research note on Thursday, May 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $35.09.

Summit Therapeutics Price Performance

Shares of SMMT opened at $19.58 on Wednesday. The stock has a market capitalization of $14.54 billion, a price-to-earnings ratio of -69.93 and a beta of -1.06. Summit Therapeutics has a 1 year low of $6.78 and a 1 year high of $36.91. The business’s 50 day simple moving average is $23.56 and its 200-day simple moving average is $20.90.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. On average, sell-side analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SMMT. Price T Rowe Associates Inc. MD grew its stake in Summit Therapeutics by 20.6% in the 4th 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 in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Summit Therapeutics by 6.6% in the fourth 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. Pictet Asset Management Holding SA grew its stake in Summit Therapeutics by 100.6% in the fourth 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. Siren L.L.C. purchased a new position in Summit Therapeutics during the 1st quarter worth $13,407,000. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Summit Therapeutics during the 1st quarter worth $10,378,000. 4.61% of the stock is currently 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.