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

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) have been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $33.33.

Several research firms have recently commented on SMMT. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company. JMP Securities assumed coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. Stifel Nicolaus increased their target price 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 reissued a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Monday, November 18th. Finally, Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their target price for the company from $19.00 to $23.00 in a report on Friday, September 27th.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT traded up $0.75 during mid-day trading on Wednesday, reaching $18.72. 408,854 shares of the company’s stock were exchanged, compared to its average volume of 3,453,771. The firm has a market capitalization of $13.81 billion, a price-to-earnings ratio of -66.85 and a beta of -0.92. Summit Therapeutics has a twelve month low of $2.06 and a twelve month high of $33.89. The business’s fifty day moving average price is $19.71 and its 200-day moving average price is $14.73.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in SMMT. Franklin Resources Inc. bought a new position in Summit Therapeutics during the 3rd quarter worth about $2,091,000. Virtu Financial LLC purchased a new position in Summit Therapeutics during the 3rd quarter worth approximately $925,000. Geode Capital Management LLC raised its position in Summit Therapeutics by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock worth $67,899,000 after buying an additional 135,981 shares during the last quarter. XTX Topco Ltd increased its holdings in shares of Summit Therapeutics by 54.3% during the 3rd quarter. XTX Topco Ltd now owns 23,915 shares of the company’s stock valued at $524,000 after purchasing an additional 8,415 shares in the last quarter. Finally, Polar Asset Management Partners Inc. purchased a new position in shares of Summit Therapeutics during the 3rd quarter valued at approximately $685,000. Hedge funds and other institutional investors 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.