JMP Securities Initiates Coverage on Summit Therapeutics (NASDAQ:SMMT)

Research analysts at JMP Securities started coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage set a “market outperform” rating and a $32.00 price target on the stock. JMP Securities’ price target would indicate a potential upside of 56.94% from the company’s previous close.

Several other research firms have also recently weighed in on SMMT. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Stifel Nicolaus boosted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, HC Wainwright decreased their price target on Summit Therapeutics from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, October 31st.

Summit Therapeutics Trading Up 2.2 %

Shares of SMMT opened at $20.39 on Monday. The stock has a 50 day simple moving average of $20.23 and a 200-day simple moving average of $12.21. The stock has a market cap of $15.04 billion, a PE ratio of -72.82 and a beta of -0.92. Summit Therapeutics has a 1 year low of $1.64 and a 1 year high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. On average, sell-side analysts forecast that Summit Therapeutics will post -0.27 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Institutional investors have recently bought and sold shares of the business. Covestor Ltd boosted its position in shares of Summit Therapeutics by 2,767.4% in the 3rd 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. Russell Investments Group Ltd. boosted its holdings in Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after buying an additional 3,579 shares during the last quarter. Willis Investment Counsel acquired a new position in shares of Summit Therapeutics during the 3rd quarter worth about $219,000. Fullcircle Wealth LLC bought a new stake in shares of Summit Therapeutics in the 2nd quarter valued at about $95,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Summit Therapeutics in the 3rd quarter valued at approximately $306,000. 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.