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

Summit Therapeutics Inc. (NASDAQ:SMMT) has been given a consensus rating of “Moderate Buy” by the seven brokerages that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $33.57.

SMMT has been the topic of several research reports. HC Wainwright reissued a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, November 18th. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective on the stock. Truist Financial began coverage on shares of Summit Therapeutics in a report on Wednesday. They set a “buy” rating and a $35.00 target price for the company. Stifel Nicolaus lifted their price target 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. Finally, Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective for the company.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $17.85 on Friday. The stock has a market capitalization of $13.16 billion, a price-to-earnings ratio of -63.75 and a beta of -0.87. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89. The business’s fifty day moving average price is $18.80 and its 200-day moving average price is $16.52.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. lifted its stake in shares of Summit Therapeutics by 60.9% during the 3rd quarter. Principal Financial Group Inc. now owns 58,147 shares of the company’s stock valued at $1,273,000 after buying an additional 22,014 shares in the last quarter. Franklin Resources Inc. bought a new stake in Summit Therapeutics during the third quarter valued at about $2,091,000. Virtu Financial LLC purchased a new position in shares of Summit Therapeutics in the third quarter valued at about $925,000. Geode Capital Management LLC boosted its stake in shares of Summit Therapeutics by 4.6% in the third quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock worth $67,899,000 after acquiring an additional 135,981 shares during the period. Finally, XTX Topco Ltd grew its position in shares of Summit Therapeutics by 54.3% during the third quarter. XTX Topco Ltd now owns 23,915 shares of the company’s stock worth $524,000 after purchasing an additional 8,415 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

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.