Summit Therapeutics Inc. (NASDAQ:SMMT) Receives $33.57 Consensus Price Target from Brokerages

Summit Therapeutics Inc. (NASDAQ:SMMT) has been given an average recommendation of “Moderate Buy” by the seven ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $33.57.

Several equities research analysts have issued reports on the company. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective on the stock. Truist Financial initiated coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, StockNews.com downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday.

Institutional Trading of Summit Therapeutics

Several large investors have recently modified their holdings of the business. Darwin Wealth Management LLC bought a new stake in Summit Therapeutics during the 3rd quarter valued at approximately $25,000. Covestor Ltd lifted its holdings in shares of Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $29,000. National Bank of Canada FI purchased a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $30,000. Finally, Steward Partners Investment Advisory LLC lifted its holdings in shares of Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after purchasing an additional 900 shares during the last quarter. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $18.30 on Monday. The business’s 50-day moving average is $19.93 and its 200-day moving average is $19.19. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89. The company has a market capitalization of $13.50 billion, a price-to-earnings ratio of -65.35 and a beta of -0.88.

Summit Therapeutics (NASDAQ:SMMT) last issued 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. Analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current year.

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.