Summit Therapeutics Inc. (NASDAQ:SMMT) Given Consensus Rating of “Buy” by Brokerages

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) have been assigned an average recommendation of “Buy” from the eleven analysts that are currently covering the stock, MarketBeat.com reports. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $37.40.

SMMT has been the topic of several research analyst reports. Evercore ISI initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price target on the stock. Wall Street Zen raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. The Goldman Sachs Group increased their price target on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Jefferies Financial Group set a $44.00 price target on shares of Summit Therapeutics and gave the stock a “buy” rating in a research report on Friday, April 25th. Finally, Citigroup raised shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and increased their price target for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently made changes to their positions in the business. Golden State Wealth Management LLC raised its holdings in shares of Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock valued at $29,000 after buying an additional 751 shares during the last quarter. National Bank of Canada FI bought a new stake in shares of Summit Therapeutics during the fourth quarter valued at approximately $30,000. CWM LLC raised its holdings in Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after purchasing an additional 1,624 shares in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after purchasing an additional 900 shares in the last quarter. Finally, AlphaQuest LLC bought a new stake in Summit Therapeutics during the first quarter worth approximately $49,000. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $20.59 on Wednesday. The business has a 50-day moving average of $23.43 and a 200-day moving average of $20.88. The company has a market capitalization of $15.29 billion, a PE ratio of -73.53 and a beta of -1.06. Summit Therapeutics has a 1-year low of $6.78 and a 1-year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. On average, equities analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Summit Therapeutics Company Profile

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.