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

Analysts at Truist Financial started coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note issued on Wednesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $35.00 price target on the stock. Truist Financial’s price target would indicate a potential upside of 85.97% from the company’s current price.

SMMT has been the topic of several other research reports. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. Stifel Nicolaus lifted their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, HC Wainwright reissued a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $18.82 on Wednesday. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89. The stock has a market capitalization of $13.88 billion, a price-to-earnings ratio of -67.21 and a beta of -0.87. The company’s 50 day simple moving average is $18.83 and its 200 day simple moving average is $16.39.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Darwin Wealth Management LLC bought a new stake in Summit Therapeutics during the 3rd quarter worth approximately $25,000. Covestor Ltd grew its stake in shares of Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after purchasing an additional 1,190 shares during the last quarter. Fred Alger Management LLC acquired a new stake in Summit Therapeutics in the third quarter valued at $105,000. XTX Topco Ltd bought a new position in Summit Therapeutics during the 2nd quarter worth $121,000. Finally, CIBC Asset Management Inc bought a new position in Summit Therapeutics during the 2nd quarter worth $154,000. Institutional investors own 4.61% of the company’s stock.

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.