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

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) has earned a consensus rating of "Moderate Buy" from the seven analysts that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $33.57.

A number of equities analysts have recently issued reports on SMMT shares. 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 objective for the company. JMP Securities began coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They set a "market outperform" rating and a $32.00 price target on the stock. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a "buy" rating and a $31.00 target price on the stock. Truist Financial assumed coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They set a "buy" rating and a $35.00 target price for the company. Finally, HC Wainwright reissued a "buy" rating and set a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, January 21st.

Summit Therapeutics Stock Performance

NASDAQ SMMT traded up $0.68 during trading on Thursday, hitting $22.32. 543,411 shares of the company's stock traded hands, compared to its average volume of 2,464,766. The stock has a market capitalization of $16.46 billion, a price-to-earnings ratio of -79.67 and a beta of -0.87. The business has a 50 day moving average of $19.02 and a 200-day moving average of $17.72. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $33.89.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.02). During the same quarter last year, the company earned ($0.03) EPS. On average, analysts expect that Summit Therapeutics will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in SMMT. Baker BROS. Advisors LP increased its position in Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock valued at $534,905,000 after acquiring an additional 1,202,643 shares during the last quarter. FMR LLC raised its position in Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company's stock worth $181,838,000 after purchasing an additional 737,692 shares during the period. Geode Capital Management LLC lifted its stake in Summit Therapeutics by 4.6% in the third quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company's stock worth $67,899,000 after purchasing an additional 135,981 shares during the last quarter. Millennium Management LLC purchased a new position in shares of Summit Therapeutics during the second quarter valued at approximately $15,154,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Summit Therapeutics by 53.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company's stock valued at $31,376,000 after buying an additional 497,984 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.