Evercore ISI Initiates Coverage on Summit Therapeutics (NASDAQ:SMMT)

Evercore ISI began coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a research report sent to investors on Wednesday, Marketbeat reports. The brokerage issued an outperform rating and a $30.00 price objective on the stock.

Several other research analysts also recently weighed in on SMMT. Wells Fargo & Company began coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They set an "overweight" rating and a $30.00 target price on the stock. Jefferies Financial Group began 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 began coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They set a "buy" rating and a $35.00 target price on the stock. StockNews.com upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Finally, The Goldman Sachs Group began coverage on Summit Therapeutics in a research note on Friday, February 28th. They set a "buy" rating and a $42.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $34.11.

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Summit Therapeutics Stock Performance

NASDAQ SMMT traded up $1.60 on Wednesday, reaching $20.79. 3,224,951 shares of the stock traded hands, compared to its average volume of 2,547,357. The company has a fifty day moving average price of $20.12 and a 200-day moving average price of $19.81. The company has a market cap of $15.34 billion, a price-to-earnings ratio of -74.25 and a beta of -1.03. 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 released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $0.20 million during the quarter. As a group, research analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Baker BROS. Advisors LP raised 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 worth $534,905,000 after purchasing an additional 1,202,643 shares during the period. Cerity Partners LLC acquired a new position in Summit Therapeutics in the 3rd quarter worth about $2,178,000. FMR LLC raised its holdings 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. Griffin Asset Management Inc. raised its holdings in Summit Therapeutics by 63.3% in the 4th quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company's stock worth $1,975,000 after purchasing an additional 42,900 shares during the period. Finally, SeaCrest Wealth Management LLC acquired a new position in Summit Therapeutics in the 4th quarter worth about $444,000. Institutional investors and hedge funds 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.