UBS Group Initiates Coverage on Summit Therapeutics (NASDAQ:SMMT)

UBS Group began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report report published on Tuesday, MarketBeat reports. The brokerage issued a buy rating and a $30.00 target price on the stock.

SMMT has been the subject of several other research reports. Leerink Partnrs upgraded Summit Therapeutics to a “strong sell” rating in a research note on Wednesday, June 11th. HC Wainwright reaffirmed a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. TD Cowen raised Summit Therapeutics to a “strong-buy” rating in a research report on Thursday, May 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Finally, Citigroup raised shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $34.67.

Summit Therapeutics Trading Up 7.6%

Shares of SMMT stock opened at $24.35 on Tuesday. Summit Therapeutics has a 1-year low of $6.90 and a 1-year high of $36.91. The company has a market capitalization of $18.08 billion, a price-to-earnings ratio of -71.60 and a beta of -1.01. The stock’s fifty day simple moving average is $22.73 and its 200-day simple moving average is $21.18.

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

Institutional Investors Weigh In On Summit Therapeutics

Several large investors have recently bought and sold shares of the company. Wells Fargo & Company MN grew its holdings in shares of Summit Therapeutics by 79.2% during the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company’s stock worth $1,700,000 after buying an additional 42,090 shares in the last quarter. Principal Financial Group Inc. grew its position in Summit Therapeutics by 252.8% in the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock valued at $3,661,000 after purchasing an additional 147,003 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Summit Therapeutics by 358.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company’s stock valued at $3,664,000 after purchasing an additional 160,592 shares in the last quarter. Bank of America Corp DE grew its position in Summit Therapeutics by 10.5% in the fourth quarter. Bank of America Corp DE now owns 431,568 shares of the company’s stock valued at $7,701,000 after purchasing an additional 40,908 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Summit Therapeutics by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after purchasing an additional 724,040 shares in the last quarter. 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.