Analysts Set Summit Therapeutics Inc. (NASDAQ:SMMT) Price Target at $33.33

Summit Therapeutics Inc. (NASDAQ:SMMT) has been assigned an average rating of “Moderate Buy” from the six analysts that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $33.33.

A number of research firms have recently commented on SMMT. Stifel Nicolaus boosted their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. JMP Securities initiated coverage on Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target for the company. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. Finally, Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $17.83 on Wednesday. The stock has a market cap of $13.15 billion, a price-to-earnings ratio of -63.68 and a beta of -0.92. Summit Therapeutics has a 12 month low of $2.10 and a 12 month high of $33.89. The stock’s 50 day moving average price is $19.62 and its 200 day moving average price is $15.15.

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently made changes to their positions in the company. Darwin Wealth Management LLC purchased a new position in shares of Summit Therapeutics during the third quarter valued at $25,000. Covestor Ltd grew its stake in Summit Therapeutics by 2,767.4% during 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 in the last quarter. Fullcircle Wealth LLC acquired a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $95,000. Fred Alger Management LLC purchased a new stake in shares of Summit Therapeutics in the third quarter worth approximately $105,000. Finally, XTX Topco Ltd acquired a new stake in shares of Summit Therapeutics during the second quarter worth approximately $121,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.