Summit Therapeutics (NASDAQ:SMMT) Earns Market Outperform Rating from Analysts at JMP Securities

JMP Securities began coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a report released on Monday, Marketbeat.com reports. The brokerage issued a market outperform rating and a $32.00 price target on the stock.

Other equities analysts have also issued reports about the company. Citigroup lowered Summit Therapeutics from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. Stifel Nicolaus upped their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Finally, HC Wainwright lowered their target price on shares of Summit Therapeutics from $45.00 to $44.00 and set a "buy" rating for the company in a research note on Thursday.

Summit Therapeutics Trading Up 5.1 %

SMMT traded up $0.97 during trading on Monday, reaching $19.96. 1,910,341 shares of the company's stock were exchanged, compared to its average volume of 3,653,970. The firm has a fifty day moving average price of $19.96 and a two-hundred day moving average price of $11.98. The stock has a market capitalization of $14.72 billion, a PE ratio of -71.86 and a beta of -0.92. Summit Therapeutics has a one year low of $1.64 and a one year high of $33.89.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. Sell-side analysts expect that Summit Therapeutics will post -0.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SMMT. Covestor Ltd raised its holdings in shares of Summit Therapeutics by 2,767.4% during the third 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 period. Hoylecohen LLC raised its stake in Summit Therapeutics by 2.4% during the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company's stock worth $674,000 after buying an additional 2,000 shares during the period. World Equity Group Inc. boosted its holdings in Summit Therapeutics by 16.1% in the third quarter. World Equity Group Inc. now owns 14,842 shares of the company's stock worth $325,000 after acquiring an additional 2,063 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock worth $25,000 after acquiring an additional 3,579 shares in the last quarter. Finally, Virtu Financial LLC increased its holdings in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock valued at $84,000 after acquiring an additional 3,846 shares in the last quarter. Institutional investors and hedge funds 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.