Summit Therapeutics Inc. (NASDAQ:SMMT) Receives $33.33 Consensus PT from Analysts

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) have earned a consensus rating of "Moderate Buy" from the six analysts that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $33.33.

A number of brokerages have recently issued reports on SMMT. JMP Securities began coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They set a "market outperform" rating and a $32.00 price objective for the company. Stifel Nicolaus boosted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th. 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 price objective for the company. Finally, Citigroup cut shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and raised their target price for the stock from $19.00 to $23.00 in a research note on Friday, September 27th.

Summit Therapeutics Price Performance

Shares of SMMT traded down $0.11 on Friday, reaching $18.24. The company's stock had a trading volume of 1,845,138 shares, compared to its average volume of 1,984,319. The stock's 50 day simple moving average is $18.99 and its two-hundred day simple moving average is $16.16. The stock has a market capitalization of $13.45 billion, a P/E ratio of -65.14 and a beta of -0.87. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $33.89.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds have recently modified their holdings of SMMT. Baker BROS. Advisors LP increased its holdings in Summit Therapeutics by 5.2% in the 3rd 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. Cerity Partners LLC purchased a new position in shares of Summit Therapeutics during the third quarter valued at about $2,178,000. FMR LLC increased its holdings in shares of Summit Therapeutics by 9.8% in the third 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 last quarter. Griffin Asset Management Inc. purchased a new stake in shares of Summit Therapeutics in the third quarter worth about $1,484,000. Finally, Millennium Management LLC bought a new position in Summit Therapeutics during the second quarter valued at approximately $15,154,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

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.