Summit Therapeutics (NASDAQ:SMMT) Now Covered by Analysts at Truist Financial

Truist Financial assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a report released on Wednesday, Marketbeat Ratings reports. The firm issued a buy rating and a $35.00 price objective on the stock.

Several other equities analysts have also recently issued reports on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price target for the company. JMP Securities started coverage on Summit Therapeutics in a report on Monday, November 4th. They set a "market outperform" rating and a $32.00 target price on the stock. Citigroup cut Summit Therapeutics from a "buy" rating to a "neutral" rating and increased their price target for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Jefferies Financial Group initiated coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a "buy" rating and a $31.00 price objective for the company. Finally, HC Wainwright reissued a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $33.57.

Summit Therapeutics Stock Up 3.6 %

Summit Therapeutics stock traded up $0.66 during trading hours on Wednesday, hitting $18.82. The stock had a trading volume of 3,174,935 shares, compared to its average volume of 2,199,975. The stock has a market cap of $13.88 billion, a price-to-earnings ratio of -67.21 and a beta of -0.87. The business's 50 day simple moving average is $18.82 and its 200-day simple moving average is $16.36. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89.

Institutional Trading of Summit Therapeutics

Several hedge funds have recently modified their holdings of the stock. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics during the third quarter valued at approximately $25,000. Covestor Ltd increased its stake in Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company's stock valued at $27,000 after purchasing an additional 1,190 shares in the last quarter. Fred Alger Management LLC acquired a new position in Summit Therapeutics during the third quarter worth $105,000. XTX Topco Ltd bought a new position in shares of Summit Therapeutics in the second quarter valued at $121,000. Finally, CIBC Asset Management Inc bought a new position in shares of Summit Therapeutics in the second quarter valued at $154,000. 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.