Truist Financial Begins Coverage on Summit Therapeutics (NASDAQ:SMMT)

Truist Financial initiated coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report sent to investors on Wednesday, Marketbeat reports. The brokerage issued a buy rating and a $35.00 price objective on the stock.

Several other research analysts also recently commented on SMMT. JMP Securities started coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. Jefferies Financial Group assumed coverage on Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 target price on the stock. Wells Fargo & Company assumed coverage on Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target for the company. Stifel Nicolaus increased their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Stock Down 5.2 %

NASDAQ:SMMT opened at $17.85 on Wednesday. The firm has a market cap of $13.16 billion, a PE ratio of -63.75 and a beta of -0.87. Summit Therapeutics has a 12 month low of $2.10 and a 12 month high of $33.89. The company’s 50-day moving average price is $18.80 and its two-hundred day moving average price is $16.46.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SMMT. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics during the third quarter worth approximately $25,000. Covestor Ltd raised its position in shares of Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after acquiring an additional 1,190 shares during the last quarter. Fred Alger Management LLC acquired a new position in shares of Summit Therapeutics in the 3rd quarter valued at $105,000. Willis Investment Counsel bought a new position in shares of Summit Therapeutics in the 3rd quarter worth $219,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Summit Therapeutics during the third quarter worth $306,000. 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.