Analysts Set Summit Therapeutics Inc. (NASDAQ:SMMT) Target Price at $33.57

Summit Therapeutics Inc. (NASDAQ:SMMT) has been given a consensus rating of “Moderate Buy” by the eight ratings firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $34.63.

Several research firms have weighed in on SMMT. StockNews.com cut Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday. HC Wainwright reiterated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday. The Goldman Sachs Group began coverage on Summit Therapeutics in a research report on Friday. They issued a “buy” rating and a $42.00 price target on the stock. Wells Fargo & Company began coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target on the stock. Finally, JMP Securities began coverage on Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock.

Summit Therapeutics Price Performance

SMMT stock opened at $20.69 on Monday. The stock has a market capitalization of $15.26 billion, a price-to-earnings ratio of -73.89 and a beta of -0.88. The business’s fifty day moving average price is $19.99 and its two-hundred day moving average price is $19.25. Summit Therapeutics has a fifty-two week low of $2.10 and a fifty-two week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last posted 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. Research analysts expect that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Trading of Summit Therapeutics

Several large investors have recently bought and sold shares of the business. Jefferies Financial Group Inc. acquired a new stake in Summit Therapeutics in the fourth quarter valued at about $803,000. GF Fund Management CO. LTD. acquired a new stake in Summit Therapeutics in the fourth quarter valued at about $302,000. Neo Ivy Capital Management acquired a new stake in Summit Therapeutics in the fourth quarter valued at about $3,739,000. Tema Etfs LLC acquired a new stake in Summit Therapeutics in the fourth quarter valued at about $475,000. Finally, Toronto Dominion Bank acquired a new stake in Summit Therapeutics in the fourth quarter valued at about $446,000. 4.61% of the stock is owned by institutional investors and hedge funds.

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.