Summit Therapeutics Inc. (NASDAQ:SMMT) Receives $33.33 Average Target Price from Brokerages

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $33.33.

Several equities research analysts have recently issued reports on the stock. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price target for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. JMP Securities assumed coverage on Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price for the company. Wells Fargo & Company assumed coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target on the stock. Jefferies Financial Group began coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price target for the company. Finally, HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $18.57 on Wednesday. The company has a market capitalization of $13.69 billion, a PE ratio of -66.32 and a beta of -0.92. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $33.89. The company has a 50-day simple moving average of $19.59 and a 200 day simple moving average of $15.28.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors have recently made changes to their positions in the stock. Millennium Management LLC bought a new stake in shares of Summit Therapeutics during the 2nd quarter valued at $15,154,000. Baker BROS. Advisors LP increased its position in shares of Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after buying an additional 1,202,643 shares during the period. abrdn plc bought a new stake in shares of Summit Therapeutics during the third quarter valued at about $24,885,000. FMR LLC boosted its position in shares of Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after acquiring an additional 737,692 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Summit Therapeutics by 53.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after acquiring an additional 497,984 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.