Summit Therapeutics’ (SMMT) “Market Outperform” Rating Reaffirmed at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a $40.00 target price on the stock.

Other equities research analysts also recently issued research reports about the company. Evercore ISI increased their target price on Summit Therapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. TD Cowen upgraded Summit Therapeutics to a “strong-buy” rating in a research report on Thursday, May 8th. Leerink Partners started coverage on Summit Therapeutics in a research report on Wednesday, June 11th. They set an “underperform” rating and a $12.00 target price on the stock. Piper Sandler started coverage on Summit Therapeutics in a research report on Monday. They issued a “neutral” rating and a $21.00 price objective on the stock. Finally, Jefferies Financial Group set a $44.00 price objective on Summit Therapeutics and gave the stock a “buy” rating in a research report on Friday, April 25th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.85.

Summit Therapeutics Price Performance

NASDAQ:SMMT opened at $25.35 on Tuesday. The company has a market cap of $18.83 billion, a P/E ratio of -25.10 and a beta of -1.06. The stock’s fifty day moving average price is $24.65 and its two-hundred day moving average price is $22.82. Summit Therapeutics has a 1 year low of $11.76 and a 1 year high of $36.91.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its stake in Summit Therapeutics by 73.0% in the second quarter. Tower Research Capital LLC TRC now owns 16,044 shares of the company’s stock valued at $341,000 after acquiring an additional 6,769 shares during the last quarter. Florida Financial Advisors LLC increased its stake in Summit Therapeutics by 23.0% in the second quarter. Florida Financial Advisors LLC now owns 15,921 shares of the company’s stock valued at $339,000 after acquiring an additional 2,976 shares during the last quarter. Two Sigma Securities LLC bought a new position in Summit Therapeutics in the second quarter valued at $280,000. Snowden Capital Advisors LLC bought a new position in Summit Therapeutics in the second quarter valued at $317,000. Finally, Oxford Asset Management LLP bought a new position in Summit Therapeutics in the second quarter valued at $245,000. Institutional investors own 4.61% of the company’s stock.

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.