Summit Therapeutics Inc. (NASDAQ:SMMT) Receives $33.57 Consensus Price Target from Brokerages

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) have received a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $33.57.

SMMT has been the subject of a number of research analyst reports. Truist Financial initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective for the company. JMP Securities initiated coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, January 21st. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price objective for the company. 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 target price for the company.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $20.78 on Thursday. Summit Therapeutics has a 12 month low of $2.10 and a 12 month high of $33.89. The company has a 50-day moving average of $19.19 and a 200-day moving average of $18.11. The company has a market cap of $15.32 billion, a P/E ratio of -74.21 and a beta of -0.88.

Institutional Trading of Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. CIBC Asset Management Inc boosted its holdings in Summit Therapeutics by 3.8% in the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock worth $448,000 after acquiring an additional 740 shares during the period. Darwin Wealth Management LLC purchased a new position in Summit Therapeutics in the 3rd quarter worth approximately $25,000. Covestor Ltd boosted its holdings in Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares during the period. Brooklyn Investment Group purchased a new position in Summit Therapeutics in the 4th quarter worth approximately $29,000. Finally, World Equity Group Inc. boosted its holdings in Summit Therapeutics by 16.1% in the 3rd quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock worth $325,000 after acquiring an additional 2,063 shares during the period. 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.