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

Summit Therapeutics Inc. (NASDAQ:SMMT) has been given an average recommendation of “Moderate Buy” by the six ratings firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $33.33.

Several equities research analysts have issued reports on the stock. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th. HC Wainwright reissued a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Monday, November 18th. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price target for the company. JMP Securities began coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective on the stock. Finally, Wells Fargo & Company initiated coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price for the company.

Summit Therapeutics Trading Down 0.6 %

Shares of NASDAQ:SMMT opened at $18.24 on Friday. The firm has a market capitalization of $13.45 billion, a PE ratio of -65.14 and a beta of -0.87. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89. The business’s 50 day moving average is $18.99 and its 200-day moving average is $16.10.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Baker BROS. Advisors LP raised its position in Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares during the last quarter. FMR LLC raised its holdings in shares of Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after buying an additional 737,692 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Summit Therapeutics by 4.6% in the third quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock valued at $67,899,000 after buying an additional 135,981 shares during the last quarter. Millennium Management LLC acquired a new position in Summit Therapeutics during the 2nd quarter worth about $15,154,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Summit Therapeutics by 53.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after acquiring an additional 497,984 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

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.