Summit Therapeutics (NASDAQ:SMMT) Earns Buy Rating from Analysts at The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a research report released on Friday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $42.00 target price on the stock.

Other equities research analysts have also recently issued research reports about the company. JMP Securities assumed coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price objective for the company. StockNews.com lowered Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Tuesday, February 25th. HC Wainwright reissued a "buy" rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 target price for the company. Finally, Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a "buy" rating and a $31.00 price target on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $34.63.

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Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT traded down $0.04 during mid-day trading on Friday, hitting $19.09. The stock had a trading volume of 2,668,736 shares, compared to its average volume of 2,517,814. The business has a 50 day moving average price of $20.00 and a two-hundred day moving average price of $19.42. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89. The firm has a market cap of $14.08 billion, a P/E ratio of -68.18 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 (EPS) for the quarter, meeting analysts' consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. Equities research analysts predict that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently bought and sold shares of the business. Creative Planning lifted its holdings in shares of Summit Therapeutics by 45.0% during the third quarter. Creative Planning now owns 15,633 shares of the company's stock valued at $342,000 after purchasing an additional 4,851 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Summit Therapeutics by 25.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,205 shares of the company's stock valued at $547,000 after buying an additional 5,247 shares in the last quarter. abrdn plc purchased a new position in Summit Therapeutics during the third quarter valued at $24,885,000. World Equity Group Inc. boosted its holdings in Summit Therapeutics by 16.1% in the third quarter. World Equity Group Inc. now owns 14,842 shares of the company's stock worth $325,000 after acquiring an additional 2,063 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Summit Therapeutics by 60.9% in the third quarter. Principal Financial Group Inc. now owns 58,147 shares of the company's stock worth $1,273,000 after acquiring an additional 22,014 shares during the last quarter. Institutional investors own 4.61% of the company's stock.

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.