Citizens Jmp Reiterates Market Outperform Rating for Summit Therapeutics (NASDAQ:SMMT)

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “market outperform” rating reissued by equities research analysts at Citizens Jmp in a report issued on Friday,Benzinga reports. They currently have a $40.00 price objective on the stock. Citizens Jmp’s price objective would indicate a potential upside of 176.24% from the company’s current price.

Several other equities analysts also recently commented on the company. Wolfe Research started coverage on Summit Therapeutics in a report on Tuesday, November 18th. They set a “peer perform” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Thursday, January 22nd. Guggenheim reiterated a “buy” rating and issued a $40.00 target price on shares of Summit Therapeutics in a report on Wednesday, October 22nd. JMP Securities restated a “market outperform” rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Monday, October 20th. Finally, Summit Redstone set a $18.00 price target on Summit Therapeutics in a research report on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $33.62.

Summit Therapeutics Trading Down 6.0%

Shares of NASDAQ SMMT opened at $14.48 on Friday. Summit Therapeutics has a 12-month low of $14.43 and a 12-month high of $36.91. The company has a market cap of $11.17 billion, a PE ratio of -11.68 and a beta of -1.51. The stock has a 50 day simple moving average of $17.50 and a 200-day simple moving average of $20.65.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. bought a new stake in Summit Therapeutics during the 2nd quarter worth approximately $31,000. Crowley Wealth Management Inc. boosted its stake in Summit Therapeutics by 66.7% in the third quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock worth $31,000 after purchasing an additional 600 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in shares of Summit Therapeutics by 34.1% during the second 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 last quarter. Parallel Advisors LLC bought a new stake in shares of Summit Therapeutics during the third quarter worth $39,000. Finally, PNC Financial Services Group Inc. increased its stake in shares of Summit Therapeutics by 325.5% in the second quarter. PNC Financial Services Group Inc. now owns 2,638 shares of the company’s stock valued at $56,000 after buying an additional 2,018 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.