Summit Therapeutics (NASDAQ:SMMT) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Summit Therapeutics (NASDAQ:SMMT) had its price objective lifted by research analysts at The Goldman Sachs Group from $37.00 to $41.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 46.95% from the company’s current price.

Several other equities research analysts have also recently weighed in on SMMT. Citigroup upgraded shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and increased their target price for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. HC Wainwright reissued a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, April 28th. Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the company a “buy” rating in a research note on Friday, April 25th. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a research note on Wednesday, March 26th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.40.

Summit Therapeutics Stock Up 13.1 %

SMMT opened at $27.90 on Friday. The stock’s 50 day moving average price is $21.36 and its two-hundred day moving average price is $20.28. The firm has a market capitalization of $20.58 billion, a P/E ratio of -99.64 and a beta of -0.46. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. As a group, analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

Several large investors have recently added to or reduced their stakes in SMMT. Griffin Asset Management Inc. boosted its holdings in shares of Summit Therapeutics by 63.3% in the 4th quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock worth $1,975,000 after acquiring an additional 42,900 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new position in Summit Therapeutics in the fourth quarter worth $444,000. China Universal Asset Management Co. Ltd. grew its holdings in shares of Summit Therapeutics by 12.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company’s stock worth $2,790,000 after purchasing an additional 17,014 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Summit Therapeutics by 79.2% in the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company’s stock valued at $1,700,000 after buying an additional 42,090 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Summit Therapeutics by 252.8% in the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock valued at $3,661,000 after buying an additional 147,003 shares during 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.