Summit Therapeutics Inc. (NASDAQ:SMMT) Receives $34.11 Consensus Price Target from Analysts

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) have earned an average rating of “Moderate Buy” from the ten analysts that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $34.11.

SMMT has been the topic of several analyst reports. The Goldman Sachs Group initiated coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 price target on the stock. Evercore ISI started coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price target on the stock. Jefferies Financial Group assumed coverage on Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective for the company. StockNews.com upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald began coverage on shares of Summit Therapeutics in a research note on Friday, March 21st. They set an “overweight” rating for the company.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SMMT. Darwin Wealth Management LLC purchased a new position in Summit Therapeutics in the 3rd quarter valued at about $25,000. Brooklyn Investment Group acquired a new position in shares of Summit Therapeutics in the fourth quarter worth about $29,000. National Bank of Canada FI purchased a new position in Summit Therapeutics in the fourth quarter valued at about $30,000. Steward Partners Investment Advisory LLC grew its stake in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after purchasing an additional 900 shares in the last quarter. Finally, Rakuten Securities Inc. acquired a new stake in Summit Therapeutics during the 4th quarter valued at approximately $71,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Trading Down 2.2 %

SMMT stock opened at $20.24 on Friday. The stock’s 50 day simple moving average is $20.41 and its 200 day simple moving average is $20.18. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $33.89. The stock has a market capitalization of $14.93 billion, a PE ratio of -72.28 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The business had revenue of $0.20 million during the quarter. On average, research analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current year.

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.