Summit Therapeutics (NASDAQ:SMMT) Earns Market Outperform Rating from JMP Securities

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “market outperform” rating reaffirmed by stock analysts at JMP Securities in a research report issued on Monday,Benzinga reports. They currently have a $40.00 price objective on the stock. JMP Securities’ price target would suggest a potential upside of 62.66% from the company’s previous close.

SMMT has been the subject of several other research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. Truist Financial started coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target for the company. The Goldman Sachs Group started coverage on Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 price objective on the stock. Citigroup raised Summit Therapeutics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Summit Therapeutics in a research note on Monday. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Summit Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $37.50.

Summit Therapeutics Stock Performance

SMMT traded up $1.12 during midday trading on Monday, reaching $24.59. 6,347,060 shares of the company were exchanged, compared to its average volume of 3,377,463. The stock has a market capitalization of $18.14 billion, a P/E ratio of -88.14 and a beta of -0.46. Summit Therapeutics has a one year low of $2.10 and a one year high of $36.91. The stock’s 50-day simple moving average is $20.95 and its 200 day simple moving average is $20.15.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. On average, research analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Sovran Advisors LLC grew its holdings in shares of Summit Therapeutics by 25.1% in the 1st quarter. Sovran Advisors LLC now owns 146,528 shares of the company’s stock valued at $2,827,000 after acquiring an additional 29,354 shares in the last quarter. Lisanti Capital Growth LLC acquired a new stake in Summit Therapeutics in the 1st quarter valued at about $1,039,000. Golden State Wealth Management LLC grew its holdings in Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after purchasing an additional 751 shares during the period. Inscription Capital LLC acquired a new position in Summit Therapeutics during the first quarter worth approximately $231,000. Finally, Janney Montgomery Scott LLC raised its stake in Summit Therapeutics by 12.1% in the first quarter. Janney Montgomery Scott LLC now owns 17,610 shares of the company’s stock valued at $340,000 after buying an additional 1,894 shares during the period. Institutional investors and hedge funds 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.