Summit Therapeutics (NASDAQ:SMMT) Earns “Overweight” Rating from Cantor Fitzgerald

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “overweight” rating restated by equities researchers at Cantor Fitzgerald in a report released on Wednesday,Benzinga reports.

Several other equities analysts have also issued reports on the company. Evercore ISI started coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Truist Financial started coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a research note on Wednesday, March 26th. Finally, Citigroup raised shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.40.

Summit Therapeutics Trading Up 10.4 %

Shares of NASDAQ SMMT opened at $36.70 on Wednesday. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $36.91. The company has a 50-day moving average of $20.90 and a two-hundred day moving average of $20.10. The company has a market cap of $27.07 billion, a PE ratio of -131.07 and a beta of -0.46.

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 company had revenue of $0.20 million during the quarter. As a group, equities research analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in Summit Therapeutics during the 4th quarter worth $29,000. Golden State Wealth Management LLC increased its holdings in shares of Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after acquiring an additional 751 shares in the last quarter. National Bank of Canada FI acquired a new stake in shares of Summit Therapeutics during the fourth quarter worth about $30,000. Steward Partners Investment Advisory LLC lifted 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 purchasing an additional 900 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of Summit Therapeutics by 1,400.0% during the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company’s stock valued at $58,000 after purchasing an additional 2,800 shares in the last quarter. 4.61% of the stock is owned by institutional investors.

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.