Summit Therapeutics Inc. (NASDAQ:SMMT) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Summit Therapeutics Inc. (NASDAQ:SMMT) has been given an average recommendation of “Moderate Buy” by the nine brokerages that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $34.11.

SMMT has been the topic of a number of recent analyst reports. Evercore ISI initiated coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective on the stock. StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. 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 on the stock. Truist Financial assumed coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a report on Tuesday, February 25th.

Summit Therapeutics Price Performance

SMMT opened at $19.44 on Friday. Summit Therapeutics has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The business has a 50-day moving average of $20.25 and a 200-day moving average of $19.91. The company has a market capitalization of $14.34 billion, a PE ratio of -69.43 and a beta of -1.04.

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

Institutional Trading of Summit Therapeutics

Institutional investors have recently bought and sold shares of the stock. Darwin Wealth Management LLC bought a new position in Summit Therapeutics in the 3rd quarter valued at $25,000. Brooklyn Investment Group bought a new stake in Summit Therapeutics in the fourth quarter valued at about $29,000. National Bank of Canada FI bought a new stake in Summit Therapeutics in the fourth quarter valued at about $30,000. Steward Partners Investment Advisory LLC increased its holdings in Summit Therapeutics by 56.1% in the fourth 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 during the last quarter. Finally, Rakuten Securities Inc. bought a new stake in Summit Therapeutics in the fourth quarter valued at about $71,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.