Brokerages Set Summit Therapeutics PLC (NASDAQ:SMMT) PT at $31.00

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have received a consensus recommendation of “Moderate Buy” from the eighteen research firms that are presently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $31.00.

A number of analysts have recently weighed in on the company. Truist Financial upgraded Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Jefferies Financial Group downgraded Summit Therapeutics from a “buy” rating to a “hold” rating and cut their target price for the company from $42.00 to $15.00 in a research report on Monday, March 16th. HC Wainwright dropped their price objective on Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Finally, Citizens Jmp restated a “market outperform” rating and set a $40.00 price objective on shares of Summit Therapeutics in a research report on Friday, January 30th.

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Y Intercept Hong Kong Ltd bought a new stake in shares of Summit Therapeutics during the 1st quarter worth $2,269,000. Banque Cantonale Vaudoise bought a new stake in shares of Summit Therapeutics during the 1st quarter worth $453,000. Wealth Management Partners LLC lifted its position in shares of Summit Therapeutics by 7.3% during the 1st quarter. Wealth Management Partners LLC now owns 63,784 shares of the company’s stock worth $1,209,000 after buying an additional 4,354 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Summit Therapeutics by 243.3% during the 1st quarter. SG Americas Securities LLC now owns 53,523 shares of the company’s stock worth $1,015,000 after buying an additional 37,934 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new stake in shares of Summit Therapeutics during the 4th quarter worth $1,723,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $22.12 on Friday. The stock has a fifty day moving average price of $18.11 and a 200-day moving average price of $17.82. The company has a market cap of $17.17 billion, a price-to-earnings ratio of -15.26 and a beta of -1.36. Summit Therapeutics has a fifty-two week low of $13.83 and a fifty-two week high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). Research analysts predict that Summit Therapeutics will post -1.31 EPS for the current fiscal year.

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.