Summit Therapeutics (NASDAQ:SMMT) Earns Buy Rating from Analysts at The Goldman Sachs Group

Research analysts at The Goldman Sachs Group assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note issued on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $42.00 price target on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 127.15% from the stock’s current price.

Several other analysts also recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday. Truist Financial started coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target on the stock. StockNews.com downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective for the company. Finally, JMP Securities initiated coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.63.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $18.49 on Friday. The firm has a market capitalization of $13.64 billion, a P/E ratio of -66.03 and a beta of -0.88. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89. The business’s 50-day simple moving average is $19.93 and its 200-day simple moving average is $19.19.

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

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds have recently made changes to their positions in the business. Jefferies Financial Group Inc. acquired a new stake in Summit Therapeutics during the 4th quarter worth about $803,000. GF Fund Management CO. LTD. acquired a new stake in Summit Therapeutics during the 4th quarter worth about $302,000. Neo Ivy Capital Management acquired a new stake in Summit Therapeutics during the 4th quarter worth about $3,739,000. Tema Etfs LLC acquired a new stake in Summit Therapeutics during the 4th quarter worth about $475,000. Finally, Toronto Dominion Bank acquired a new stake in Summit Therapeutics during the 4th quarter worth about $446,000. Institutional investors and hedge funds 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.