Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated at Truist Financial

Research analysts at Truist Financial initiated coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report issued on Wednesday,Benzinga reports. The firm set a “buy” rating and a $35.00 price target on the stock. Truist Financial’s price target suggests a potential upside of 92.73% from the company’s current price.

Several other research firms have also recently commented on SMMT. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their target price for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. JMP Securities assumed coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target for the company. Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. HC Wainwright restated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Monday, November 18th. Finally, Jefferies Financial Group started coverage on Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 price target on the stock. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $33.57.

Summit Therapeutics Stock Performance

SMMT stock opened at $18.16 on Wednesday. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89. The stock’s fifty day moving average is $18.82 and its two-hundred day moving average is $16.36. The stock has a market capitalization of $13.39 billion, a price-to-earnings ratio of -64.85 and a beta of -0.87.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds have recently bought and sold shares of the business. Millennium Management LLC bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $15,154,000. Baker BROS. Advisors LP lifted its position in shares of 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 acquiring an additional 1,202,643 shares during the period. abrdn plc acquired a new stake in Summit Therapeutics during the third quarter worth $24,885,000. FMR LLC boosted its position in shares of Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after acquiring an additional 737,692 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after acquiring an additional 497,984 shares during the period. 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.