Summit Therapeutics (NASDAQ:SMMT) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note released on Friday, MarketBeat Ratings reports. The firm issued an overweight rating on the stock.

A number of other equities research analysts have also commented on SMMT. HC Wainwright restated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, February 25th. StockNews.com upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. The Goldman Sachs Group started coverage on Summit Therapeutics in a research report on Friday, February 28th. They set a “buy” rating and a $42.00 price objective for the company. Evercore ISI started coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price target for the company. Finally, Truist Financial started coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Summit Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $34.11.

Summit Therapeutics Trading Up 1.6 %

Shares of NASDAQ SMMT opened at $19.75 on Friday. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89. The firm has a market capitalization of $14.57 billion, a PE ratio of -70.53 and a beta of -1.04. The business has a 50-day moving average price of $20.28 and a two-hundred day moving average price of $20.06.

Summit Therapeutics (NASDAQ:SMMT) last announced 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 for the quarter. Research analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP lifted its holdings in Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after purchasing an additional 1,202,643 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Summit Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock worth $208,261,000 after purchasing an additional 724,040 shares during the last quarter. FMR LLC lifted its holdings in Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after purchasing an additional 737,692 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Summit Therapeutics by 20.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock worth $116,995,000 after purchasing an additional 1,118,270 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Summit Therapeutics by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock worth $57,133,000 after purchasing an additional 101,039 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.