Summit Therapeutics Inc. (NASDAQ:SMMT) Receives $33.33 Average Price Target from Analysts

Summit Therapeutics Inc. (NASDAQ:SMMT) has been assigned a consensus rating of “Moderate Buy” from the six research firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $33.33.

A number of equities analysts have weighed in on the company. HC Wainwright reissued a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th. 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 for the company. JMP Securities started coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target for the company. 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. Finally, Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target for the company.

Summit Therapeutics Trading Up 3.9 %

NASDAQ:SMMT opened at $18.16 on Friday. Summit Therapeutics has a twelve month low of $2.10 and a twelve month high of $33.89. The company has a market cap of $13.39 billion, a P/E ratio of -64.85 and a beta of -0.87. The company’s 50-day moving average price is $18.89 and its 200-day moving average price is $16.29.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors have recently modified their holdings of SMMT. Darwin Wealth Management LLC purchased a new stake in Summit Therapeutics in the third quarter valued at approximately $25,000. Covestor Ltd increased its holdings in shares of Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after acquiring an additional 1,190 shares during the period. Fred Alger Management LLC purchased a new stake in Summit Therapeutics in the 3rd quarter valued at $105,000. XTX Topco Ltd acquired a new stake in Summit Therapeutics during the 2nd quarter worth $121,000. Finally, CIBC Asset Management Inc purchased a new position in Summit Therapeutics during the 2nd quarter worth $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.