Summit Therapeutics (NASDAQ:SMMT) Now Covered by Cantor Fitzgerald

Stock analysts at Cantor Fitzgerald started coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Get Free Report) in a research report issued on Friday, MarketBeat Ratings reports. The firm set an "overweight" rating on the stock.

Several other equities research analysts have also weighed in on SMMT. Evercore ISI began coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price on the stock. StockNews.com raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. The Goldman Sachs Group began coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They set a "buy" rating and a $42.00 target price for the company. Truist Financial started coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price target on the stock. Finally, 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. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Summit Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $34.11.

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Summit Therapeutics Stock Up 3.2 %

Shares of SMMT traded up $0.63 during mid-day trading on Friday, hitting $20.38. The stock had a trading volume of 797,424 shares, compared to its average volume of 3,405,863. Summit Therapeutics has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The company has a market cap of $15.03 billion, a PE ratio of -72.78 and a beta of -1.04. The company's fifty day simple moving average is $20.28 and its two-hundred day simple moving average is $20.06.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its position in shares of Summit Therapeutics by 60.9% during the 3rd quarter. Principal Financial Group Inc. now owns 58,147 shares of the company's stock valued at $1,273,000 after purchasing an additional 22,014 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in Summit Therapeutics by 3.8% during the third quarter. CIBC Asset Management Inc now owns 20,445 shares of the company's stock worth $448,000 after buying an additional 740 shares in the last quarter. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics in the third quarter worth approximately $25,000. Intech Investment Management LLC acquired a new position in Summit Therapeutics in the third quarter worth approximately $694,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company's stock valued at $31,376,000 after buying an additional 497,984 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

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.