Summit Therapeutics Inc. (NASDAQ:SMMT) Receives $34.11 Consensus Target Price from Brokerages

Summit Therapeutics Inc. (NASDAQ:SMMT) has received an average recommendation of “Moderate Buy” from the ten research firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $34.11.

SMMT has been the subject of several research reports. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price target for the company. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Cantor Fitzgerald assumed coverage on Summit Therapeutics in a research report on Friday. They issued an “overweight” rating on the stock. The Goldman Sachs Group initiated coverage on Summit Therapeutics in a research report on Friday, February 28th. They set a “buy” rating and a $42.00 price objective for the company. Finally, Truist Financial assumed coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price on the stock.

Institutional Trading of Summit Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics during the third quarter valued at $25,000. Brooklyn Investment Group purchased a new position in Summit Therapeutics in the 4th quarter worth about $29,000. National Bank of Canada FI bought a new position in Summit Therapeutics during the 4th quarter valued at about $30,000. Steward Partners Investment Advisory LLC boosted its holdings in shares of Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after acquiring an additional 900 shares during the last quarter. Finally, Rakuten Securities Inc. bought a new stake in shares of Summit Therapeutics in the fourth quarter worth approximately $71,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Performance

SMMT stock opened at $19.75 on Friday. The company has a market capitalization of $14.57 billion, a price-to-earnings ratio of -70.53 and a beta of -1.04. The business’s 50 day moving average price is $20.28 and its two-hundred day moving average price is $20.06. 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 issued its quarterly earnings results 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 during the quarter. Sell-side analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current 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.