Summit Therapeutics Inc. (NASDAQ:SMMT) Receives Average Rating of "Moderate Buy" from Brokerages

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the ten brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $34.11.

SMMT has been the subject of several recent analyst reports. Wells Fargo & Company started coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 price target for the company. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a "buy" rating and a $31.00 target price for the company. Evercore ISI began coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price target on the stock. Cantor Fitzgerald initiated coverage on shares of Summit Therapeutics in a report on Friday. They issued an "overweight" rating for the company. Finally, Truist Financial assumed coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a "buy" rating and a $35.00 target price on the stock.

Institutional Investors Weigh In On Summit Therapeutics

Large investors have recently modified their holdings of the stock. CIBC Asset Management Inc raised its holdings in Summit Therapeutics by 3.8% during the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company's stock worth $448,000 after buying an additional 740 shares during the period. Steward Partners Investment Advisory LLC increased its position in shares of Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after acquiring an additional 900 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Summit Therapeutics by 12.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company's stock valued at $172,000 after acquiring an additional 1,044 shares during the period. Darwin Wealth Management LLC purchased a new stake in shares of Summit Therapeutics in the 3rd quarter valued at approximately $25,000. Finally, ProShare Advisors LLC boosted its stake in Summit Therapeutics by 2.5% in the 4th quarter. ProShare Advisors LLC now owns 60,830 shares of the company's stock worth $1,086,000 after purchasing an additional 1,474 shares during the period. 4.61% of the stock is owned by institutional investors.

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Summit Therapeutics Trading Down 2.2 %

NASDAQ:SMMT traded down $0.45 during mid-day trading on Friday, hitting $20.24. The stock had a trading volume of 1,717,446 shares, compared to its average volume of 3,408,744. The company has a 50 day simple moving average of $20.33 and a 200-day simple moving average of $20.12. The stock has a market capitalization of $14.93 billion, a price-to-earnings ratio of -72.28 and a beta of -1.04. Summit Therapeutics has a 52 week low of $2.10 and a 52 week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. As a group, equities research analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

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.