Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated by Analysts at JMP Securities

Stock analysts at JMP Securities began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note issued to investors on Monday, Marketbeat.com reports. The firm set a “market outperform” rating and a $32.00 price target on the stock. JMP Securities’ price objective would indicate a potential upside of 56.94% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. HC Wainwright reduced their price target on Summit Therapeutics from $45.00 to $44.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Stifel Nicolaus boosted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $20.39 on Monday. The stock has a market cap of $15.04 billion, a price-to-earnings ratio of -72.82 and a beta of -0.92. The business has a 50 day simple moving average of $20.23 and a 200 day simple moving average of $12.21. Summit Therapeutics has a 52-week low of $1.64 and a 52-week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. On average, analysts predict that Summit Therapeutics will post -0.27 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently bought and sold shares of the company. Griffin Asset Management Inc. acquired a new position in shares of Summit Therapeutics in the 3rd quarter valued at approximately $1,484,000. Millennium Management LLC acquired a new position in Summit Therapeutics during the second quarter valued at approximately $15,154,000. China Universal Asset Management Co. Ltd. raised its position in Summit Therapeutics by 69.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company’s stock valued at $3,052,000 after purchasing an additional 56,879 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Summit Therapeutics by 131.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after purchasing an additional 22,977 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Summit Therapeutics in the 3rd quarter valued at $717,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.