Analysts Set Summit Therapeutics Inc. (NASDAQ:SMMT) Price Target at $33.33

Summit Therapeutics Inc. (NASDAQ:SMMT) has received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $33.33.

A number of brokerages have recently commented on SMMT. Jefferies Financial Group started coverage on Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective for the company. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research note on Wednesday. They set an “overweight” rating and a $30.00 price objective for the company. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $19.00 to $23.00 in a report on Friday, September 27th. JMP Securities assumed coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Monday, November 18th.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. purchased a new stake in Summit Therapeutics during the third quarter worth approximately $2,091,000. Virtu Financial LLC acquired a new position in shares of Summit Therapeutics during the 3rd quarter valued at $925,000. Geode Capital Management LLC lifted its holdings in shares of Summit Therapeutics by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock valued at $67,899,000 after acquiring an additional 135,981 shares in the last quarter. XTX Topco Ltd boosted its position in Summit Therapeutics by 54.3% during the 3rd quarter. XTX Topco Ltd now owns 23,915 shares of the company’s stock worth $524,000 after purchasing an additional 8,415 shares during the period. Finally, Polar Asset Management Partners Inc. purchased a new stake in Summit Therapeutics during the 3rd quarter worth $685,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

SMMT stock opened at $17.83 on Wednesday. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89. The stock has a market capitalization of $13.15 billion, a P/E ratio of -65.35 and a beta of -0.92. The company has a 50 day moving average price of $19.64 and a two-hundred day moving average price of $14.88.

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.