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

Summit Therapeutics Inc. (NASDAQ:SMMT) has earned an average rating of “Moderate Buy” from the ten ratings firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $34.11.

A number of equities research analysts recently commented on the company. Truist Financial started coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target on the stock. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a 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 issued a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday, February 25th. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald began coverage on shares of Summit Therapeutics in a research report on Friday, March 21st. They issued an “overweight” rating for the company.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Darwin Wealth Management LLC purchased a new stake in Summit Therapeutics in the third quarter worth $25,000. Brooklyn Investment Group bought a new position in Summit Therapeutics in the 4th quarter worth $29,000. National Bank of Canada FI purchased a new stake in shares of Summit Therapeutics in the 4th quarter worth about $30,000. Steward Partners Investment Advisory LLC lifted its position in shares of Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after purchasing an additional 900 shares during the period. Finally, Rakuten Securities Inc. bought a new stake in shares of Summit Therapeutics during the 4th quarter valued at about $71,000. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Down 2.2 %

NASDAQ SMMT opened at $20.24 on Friday. The stock has a market capitalization of $14.93 billion, a PE ratio of -72.28 and a beta of -1.04. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $33.89. The company has a 50 day moving average price of $20.41 and a two-hundred day moving average price of $20.18.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share (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, equities analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current year.

Summit Therapeutics Company Profile

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.