Summit Therapeutics Inc. (NASDAQ:SMMT) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Summit Therapeutics Inc. (NASDAQ:SMMT) has received an average rating of “Moderate Buy” from the six research firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $33.33.

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company started coverage on Summit Therapeutics in a research report on Wednesday. They set an “overweight” rating and a $30.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $44.00 price target 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 target price on the stock. Citigroup cut Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Finally, Stifel Nicolaus upped their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in SMMT. Baker BROS. Advisors LP raised its stake in shares of Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after acquiring an additional 1,202,643 shares during the last quarter. FMR LLC grew its holdings in shares of Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after buying an additional 737,692 shares during the period. Geode Capital Management LLC boosted its stake in Summit Therapeutics by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock worth $67,899,000 after purchasing an additional 135,981 shares during the period. Millennium Management LLC acquired a new position in Summit Therapeutics in the 2nd quarter worth $15,154,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Summit Therapeutics by 53.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after buying an additional 497,984 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Price Performance

Shares of SMMT stock traded up $0.75 on Wednesday, hitting $18.72. The stock had a trading volume of 408,854 shares, compared to its average volume of 3,453,771. The firm has a market capitalization of $13.81 billion, a P/E ratio of -66.85 and a beta of -0.92. Summit Therapeutics has a 1 year low of $2.06 and a 1 year high of $33.89. The company’s 50 day moving average price is $19.71 and its 200-day moving average price is $14.73.

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.