Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated at Evercore ISI

Stock analysts at Evercore ISI began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $30.00 price target on the stock. Evercore ISI’s target price points to a potential upside of 62.16% from the stock’s current price.

SMMT has been the topic of several other reports. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Tuesday, February 25th. Truist Financial started coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective for the company. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They issued a “buy” rating and a $42.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. Finally, StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Summit Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $34.11.

Summit Therapeutics Stock Up 2.8 %

NASDAQ:SMMT opened at $18.50 on Wednesday. Summit Therapeutics has a 52 week low of $2.10 and a 52 week high of $33.89. The company’s 50 day moving average price is $20.01 and its 200-day moving average price is $19.67. The stock has a market cap of $13.65 billion, a price-to-earnings ratio of -66.07 and a beta of -1.03.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $0.20 million during the quarter. As a group, sell-side analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SMMT. Jefferies Financial Group Inc. bought a new stake in shares of Summit Therapeutics during the 4th quarter worth about $803,000. GF Fund Management CO. LTD. acquired a new position in Summit Therapeutics in the 4th quarter valued at approximately $302,000. Neo Ivy Capital Management acquired a new position in shares of Summit Therapeutics in the 4th quarter worth approximately $3,739,000. Tema Etfs LLC acquired a new stake in Summit Therapeutics during the 4th quarter valued at $475,000. Finally, Toronto Dominion Bank acquired a new stake in Summit Therapeutics during the 4th quarter valued at $446,000. 4.61% of the stock is owned by institutional investors and hedge funds.

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.