Analysts Set Summit Therapeutics Inc. (NASDAQ:SMMT) Price Target at $33.57

Summit Therapeutics Inc. (NASDAQ:SMMT) has been given a consensus recommendation of “Moderate Buy” by the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $33.57.

A number of equities research analysts recently commented on the stock. Truist Financial began coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research note on Tuesday, January 21st. JMP Securities started 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. Finally, Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 target price on the stock.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Darwin Wealth Management LLC purchased a new stake in Summit Therapeutics in the third quarter valued at approximately $25,000. Covestor Ltd lifted its holdings 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 worth $27,000 after acquiring an additional 1,190 shares during the last quarter. Brooklyn Investment Group purchased a new position in Summit Therapeutics in the fourth quarter worth $29,000. Fred Alger Management LLC bought a new position in Summit Therapeutics in the third quarter valued at $105,000. Finally, Avanza Fonder AB purchased a new stake in Summit Therapeutics during the fourth quarter valued at about $115,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $21.50 on Thursday. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89. The business’s fifty day moving average is $19.15 and its 200-day moving average is $17.83. The stock has a market capitalization of $15.86 billion, a price-to-earnings ratio of -76.78 and a beta of -0.87.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.02). During the same period last year, the company earned ($0.03) EPS. Research analysts expect that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

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.