Wells Fargo & Company Initiates Coverage on Summit Therapeutics (NASDAQ:SMMT)

Investment analysts at Wells Fargo & Company started coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $30.00 price target on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 67.88% from the stock’s current price.

Several other brokerages also recently issued reports on SMMT. Stifel Nicolaus lifted their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a report on Monday, November 18th. Finally, JMP Securities initiated coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective on the stock. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Summit Therapeutics has an average rating of “Moderate Buy” and an average target price of $33.33.

Summit Therapeutics Price Performance

Summit Therapeutics stock opened at $17.87 on Wednesday. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $33.89. The stock has a fifty day moving average price of $19.66 and a two-hundred day moving average price of $14.86. The firm has a market capitalization of $13.18 billion, a P/E ratio of -64.57 and a beta of -0.92.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of SMMT. Millennium Management LLC bought a new position in Summit Therapeutics in the 2nd quarter valued at $15,154,000. Baker BROS. Advisors LP raised its position in shares of Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after acquiring an additional 1,202,643 shares during the last quarter. abrdn plc acquired a new position in shares of Summit Therapeutics during the third quarter valued at $24,885,000. FMR LLC boosted its holdings in Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after acquiring an additional 737,692 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after purchasing an additional 497,984 shares during the period. 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.