Summit Therapeutics Inc. (NASDAQ:SMMT) Receives Average Recommendation of “Buy” from Analysts

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) have been assigned a consensus rating of “Buy” from the eleven ratings firms that are covering the firm, Marketbeat reports. Ten research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $37.40.

SMMT has been the topic of several recent research reports. Wall Street Zen upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Evercore ISI initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price target on the stock. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a research report on Wednesday, March 26th. TD Cowen upgraded shares of Summit Therapeutics to a “strong-buy” rating in a research report on Thursday, May 8th. Finally, The Goldman Sachs Group lifted their price target on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers grew its holdings in shares of Summit Therapeutics by 5.2% during the 1st quarter. Rhumbline Advisers now owns 131,760 shares of the company’s stock valued at $2,542,000 after acquiring an additional 6,558 shares in the last quarter. Siren L.L.C. purchased a new position in shares of Summit Therapeutics during the 1st quarter valued at $13,407,000. Focus Partners Wealth grew its holdings in shares of Summit Therapeutics by 145,546.6% during the 1st quarter. Focus Partners Wealth now owns 84,475 shares of the company’s stock valued at $1,630,000 after acquiring an additional 84,417 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Summit Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after acquiring an additional 694 shares in the last quarter. Finally, Cutter Capital Management LP acquired a new position in shares of Summit Therapeutics during the 1st quarter worth $7,716,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $20.59 on Wednesday. Summit Therapeutics has a 12 month low of $6.78 and a 12 month high of $36.91. The stock has a market cap of $15.29 billion, a price-to-earnings ratio of -73.53 and a beta of -1.06. The stock’s 50 day moving average price is $23.43 and its 200 day moving average price is $20.88.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.01. On average, sell-side analysts expect that Summit Therapeutics will post -0.3 EPS for the current year.

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.