Summit Therapeutics Inc. (NASDAQ:SMMT) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) have earned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $33.57.

A number of research firms have weighed in on SMMT. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Jefferies Financial Group began coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Monday, November 18th. Finally, Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. CIBC Asset Management Inc lifted its position in Summit Therapeutics by 3.8% during the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock worth $448,000 after acquiring an additional 740 shares during the period. Darwin Wealth Management LLC purchased a new position in shares of Summit Therapeutics in the third quarter worth about $25,000. Covestor Ltd raised its stake in shares of Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after purchasing an additional 1,190 shares during the last quarter. World Equity Group Inc. lifted its holdings in shares of Summit Therapeutics by 16.1% during the third quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock worth $325,000 after purchasing an additional 2,063 shares during the period. Finally, Fred Alger Management LLC purchased a new stake in Summit Therapeutics in the third quarter valued at approximately $105,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $18.82 on Friday. The company has a market cap of $13.88 billion, a PE ratio of -67.21 and a beta of -0.87. The firm’s 50 day moving average price is $18.83 and its 200-day moving average price is $16.39. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $33.89.

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.