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

Summit Therapeutics Inc. (NASDAQ:SMMT) has earned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $33.57.

SMMT has been the subject of a number of research analyst reports. HC Wainwright restated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Monday, November 18th. JMP Securities started coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, Wells Fargo & Company began coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective on the stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Darwin Wealth Management LLC bought a new position in Summit Therapeutics in 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 in the last quarter. Fred Alger Management LLC purchased a new stake in shares of Summit Therapeutics during the third quarter valued at $105,000. XTX Topco Ltd purchased a new stake in shares of Summit Therapeutics during the second quarter valued at $121,000. Finally, CIBC Asset Management Inc bought a new stake in Summit Therapeutics in the 2nd quarter worth about $154,000. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

Shares of SMMT opened at $17.85 on Friday. The company has a 50-day simple moving average of $18.80 and a two-hundred day simple moving average of $16.52. The firm has a market capitalization of $13.16 billion, a PE ratio of -63.75 and a beta of -0.87. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89.

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.