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

Summit Therapeutics Inc. (NASDAQ:SMMT) has been assigned a consensus recommendation of “Moderate Buy” from the seven analysts that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $33.57.

SMMT has been the subject of a number of recent analyst reports. 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. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. Truist Financial started coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, January 21st.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC bought a new position in shares of Summit Therapeutics in the second quarter worth approximately $15,154,000. Baker BROS. Advisors LP boosted its holdings in Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after buying an additional 1,202,643 shares during the period. abrdn plc purchased a new stake in shares of Summit Therapeutics during the third quarter worth about $24,885,000. FMR LLC grew its position in shares of Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after purchasing an additional 737,692 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Summit Therapeutics by 53.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after purchasing 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 Stock Performance

NASDAQ:SMMT opened at $21.64 on Thursday. The firm has a market cap of $15.96 billion, a P/E ratio of -77.28 and a beta of -0.87. Summit Therapeutics has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The firm has a 50-day simple moving average of $18.96 and a two-hundred day simple moving average of $17.69.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). During the same period in the prior year, the firm posted ($0.03) EPS. On average, equities research analysts predict 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.