Wells Fargo & Company Initiates Coverage on Summit Therapeutics (NASDAQ:SMMT)

Wells Fargo & Company began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a report published on Wednesday morning, Marketbeat.com reports. The brokerage issued an overweight rating and a $30.00 price objective on the stock.

Other research analysts have also recently issued research reports about the company. Jefferies Financial Group initiated 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. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Monday, November 18th. JMP Securities began coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. Stifel Nicolaus increased their target price 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. Finally, Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.33.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $17.83 on Wednesday. The firm has a market cap of $13.15 billion, a P/E ratio of -65.35 and a beta of -0.92. Summit Therapeutics has a 52 week low of $2.10 and a 52 week high of $33.89. The firm’s 50-day simple moving average is $19.64 and its 200 day simple moving average is $14.88.

Institutional Trading of Summit Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics during the third quarter valued at approximately $25,000. Covestor Ltd increased its stake in shares of Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares during the last quarter. Fullcircle Wealth LLC acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth $95,000. Fred Alger Management LLC acquired a new position in shares of Summit Therapeutics during the 3rd quarter worth $105,000. Finally, XTX Topco Ltd bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth $121,000. Institutional investors own 4.61% of the company’s stock.

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.