Summit Therapeutics (NASDAQ:SMMT) Earns Overweight Rating from Analysts at Wells Fargo & Company

Equities research analysts at Wells Fargo & Company began coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Get Free Report) in a report issued on Wednesday, MarketBeat reports. The brokerage set an "overweight" rating and a $30.00 price target on the stock. Wells Fargo & Company's price target would suggest a potential upside of 59.83% from the company's current price.

A number of other research analysts have also weighed in on the stock. Citigroup lowered shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and raised their price objective for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Stifel Nicolaus lifted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. HC Wainwright reissued a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th. JMP Securities began coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a "market outperform" rating and a $32.00 target price on the stock. Finally, Jefferies Financial Group started coverage on Summit Therapeutics in a research report on Friday, December 6th. They issued a "buy" rating and a $31.00 price target for the company. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.33.

Summit Therapeutics Stock Performance

Summit Therapeutics stock traded up $0.80 during mid-day trading on Wednesday, reaching $18.77. The stock had a trading volume of 2,289,326 shares, compared to its average volume of 3,462,081. The firm has a market capitalization of $13.84 billion, a PE ratio of -67.04 and a beta of -0.92. Summit Therapeutics has a fifty-two week low of $2.06 and a fifty-two week high of $33.89. The stock's 50-day simple moving average is $19.66 and its 200-day simple moving average is $14.86.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in SMMT. Baker BROS. Advisors LP lifted its stake in Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock valued at $534,905,000 after purchasing an additional 1,202,643 shares during the last quarter. Cerity Partners LLC purchased a new position in shares of Summit Therapeutics during the 3rd quarter valued at $2,178,000. FMR LLC grew its stake in shares of Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company's stock worth $181,838,000 after acquiring an additional 737,692 shares during the period. Griffin Asset Management Inc. purchased a new stake in Summit Therapeutics in the 3rd quarter worth about $1,484,000. Finally, Millennium Management LLC bought a new stake in Summit Therapeutics in the 2nd quarter valued at about $15,154,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.