Summit Therapeutics PLC (NASDAQ:SMMT) Given Consensus Rating of “Moderate Buy” by Brokerages

Summit Therapeutics PLC (NASDAQ:SMMT) has earned an average rating of “Moderate Buy” from the fourteen ratings firms that are covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $35.00.

SMMT has been the subject of a number of analyst reports. Evercore ISI lifted their target price on shares of Summit Therapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. The Goldman Sachs Group lifted their target price on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Jefferies Financial Group set a $44.00 target price on shares of Summit Therapeutics and gave the stock a “buy” rating in a report on Friday, April 25th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $26.69 on Monday. The firm has a market cap of $19.83 billion, a P/E ratio of -26.43 and a beta of -1.06. The firm has a 50 day simple moving average of $24.49 and a 200 day simple moving average of $22.76. Summit Therapeutics has a fifty-two week low of $11.29 and a fifty-two week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.66). On average, sell-side analysts expect that Summit Therapeutics will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cerity Partners LLC boosted its stake in Summit Therapeutics by 0.4% in the 1st quarter. Cerity Partners LLC now owns 113,654 shares of the company’s stock worth $2,192,000 after purchasing an additional 440 shares during the period. SBI Securities Co. Ltd. boosted its stake in Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after purchasing an additional 447 shares during the period. Exchange Traded Concepts LLC boosted its stake in Summit Therapeutics by 11.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company’s stock worth $122,000 after purchasing an additional 647 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after purchasing an additional 694 shares during the period. Finally, Golden State Wealth Management LLC boosted its stake in Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after purchasing an additional 751 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

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.