Summit Therapeutics Inc. (NASDAQ:SMMT) Receives $35.40 Consensus Target Price from Brokerages

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) have received an average rating of “Buy” from the ten analysts that are presently covering the stock, Marketbeat.com reports. Ten investment analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have covered the stock in the last year is $35.40.

SMMT has been the subject of a number of analyst reports. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Truist Financial started coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday, February 25th. The Goldman Sachs Group assumed coverage on Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 price target on the stock. Finally, Evercore ISI started coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective for the company.

Institutional Trading of Summit Therapeutics

Large investors have recently added to or reduced their stakes in the business. Brooklyn Investment Group bought a new position in Summit Therapeutics in the fourth quarter worth approximately $29,000. National Bank of Canada FI purchased a new stake in shares of Summit Therapeutics in the 4th quarter worth $30,000. Steward Partners Investment Advisory LLC raised its holdings in Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after purchasing an additional 900 shares during the period. Fifth Third Bancorp lifted its position in Summit Therapeutics by 1,400.0% during the first quarter. Fifth Third Bancorp now owns 3,000 shares of the company’s stock valued at $58,000 after purchasing an additional 2,800 shares in the last quarter. Finally, Rakuten Securities Inc. purchased a new position in Summit Therapeutics during the fourth quarter valued at $71,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $24.61 on Tuesday. The company has a 50 day simple moving average of $20.13 and a two-hundred day simple moving average of $19.78. Summit Therapeutics has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The company has a market capitalization of $18.15 billion, a price-to-earnings ratio of -87.89 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $0.20 million for the quarter. On average, analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

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.