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

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) has received an average recommendation of "Moderate Buy" from the seven analysts that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $33.57.

SMMT has been the topic of several recent analyst reports. StockNews.com cut shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Tuesday. HC Wainwright restated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday. Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 price target for the company. Truist Financial assumed coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price objective on the stock. Finally, Jefferies Financial Group started coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a "buy" rating and a $31.00 target price for the company.

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Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SMMT. Darwin Wealth Management LLC purchased a new position in Summit Therapeutics in the 3rd quarter valued at about $25,000. Covestor Ltd raised its holdings in shares of Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company's stock valued at $27,000 after buying an additional 1,190 shares during the period. Brooklyn Investment Group acquired a new position in shares of Summit Therapeutics in the fourth quarter valued at approximately $29,000. National Bank of Canada FI purchased a new position in Summit Therapeutics in the fourth quarter valued at $30,000. Finally, Steward Partners Investment Advisory LLC increased its stake in shares of Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after buying an additional 900 shares during the period. Institutional investors and hedge funds own 4.61% of the company's stock.

Summit Therapeutics Trading Up 1.0 %

SMMT stock traded up $0.19 during trading on Monday, hitting $18.49. The company had a trading volume of 2,199,952 shares, compared to its average volume of 2,497,371. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89. The business has a 50-day moving average of $19.93 and a 200-day moving average of $19.19. The stock has a market cap of $13.64 billion, a PE ratio of -66.03 and a beta of -0.88.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $0.20 million for the quarter. Research analysts forecast that Summit Therapeutics will post -0.3 EPS 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.