Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated by Analysts at Truist Financial

Truist Financial began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a report released on Wednesday,Benzinga reports. The brokerage set a “buy” rating and a $35.00 price target on the stock. Truist Financial’s target price would suggest a potential upside of 92.73% from the company’s current price.

A number of other research analysts also recently commented on SMMT. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price objective for the company from $19.00 to $23.00 in a research note on Friday, September 27th. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, November 18th. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price objective for the company. Stifel Nicolaus increased their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, JMP Securities began coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target for the company. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $18.16 on Wednesday. The stock has a fifty day moving average of $18.82 and a two-hundred day moving average of $16.36. Summit Therapeutics has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The company has a market capitalization of $13.39 billion, a PE ratio of -64.85 and a beta of -0.87.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. 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 acquiring an additional 1,202,643 shares during the period. Cerity Partners LLC bought a new stake in shares of Summit Therapeutics in the third quarter worth $2,178,000. FMR LLC grew its stake in Summit Therapeutics by 9.8% in 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. Griffin Asset Management Inc. bought a new stake in shares of Summit Therapeutics in the 3rd quarter valued at approximately $1,484,000. Finally, Millennium Management LLC acquired a new position in Summit Therapeutics in the second quarter worth $15,154,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.