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

Summit Therapeutics Inc. (NASDAQ:SMMT) has earned an average recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $34.11.

A number of brokerages have recently commented on SMMT. HC Wainwright reissued a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, February 25th. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company. The Goldman Sachs Group assumed coverage on Summit Therapeutics in a research note on Friday, February 28th. They set a “buy” rating and a $42.00 target price for the company. StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Finally, Truist Financial assumed coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price for the company.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors have recently bought and sold shares of the business. Baker BROS. Advisors LP boosted its position in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after acquiring an additional 1,202,643 shares during the period. Cerity Partners LLC acquired a new stake in Summit Therapeutics during the 3rd quarter worth about $2,178,000. FMR LLC boosted its position in Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after acquiring an additional 737,692 shares during the period. Griffin Asset Management Inc. boosted its position in Summit Therapeutics by 63.3% during the 4th quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock worth $1,975,000 after acquiring an additional 42,900 shares during the period. Finally, SeaCrest Wealth Management LLC acquired a new stake in Summit Therapeutics during the 4th quarter worth about $444,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT opened at $19.44 on Friday. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89. The business’s fifty day moving average price is $20.25 and its two-hundred day moving average price is $19.91. The firm has a market capitalization of $14.34 billion, a PE ratio of -69.43 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $0.20 million during the quarter. Equities research analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current fiscal 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.