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

Summit Therapeutics Inc. (NASDAQ:SMMT) has been assigned an average rating of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $33.57.

SMMT has been the topic of a number of research reports. Jefferies Financial Group began coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective for the company. Truist Financial started coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. 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 price objective on the stock. Wells Fargo & Company began coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price for the company. Finally, HC Wainwright restated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, January 21st.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $22.12 on Monday. The company has a market cap of $16.31 billion, a price-to-earnings ratio of -79.00 and a beta of -0.88. The stock’s fifty day moving average price is $19.91 and its 200 day moving average price is $19.09. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Darwin Wealth Management LLC purchased a new position in shares of Summit Therapeutics in the 3rd quarter valued at about $25,000. Covestor Ltd lifted its position in shares of Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares in the last quarter. Brooklyn Investment Group acquired a new stake in Summit Therapeutics in the 4th quarter valued at $29,000. National Bank of Canada FI purchased a new stake in Summit Therapeutics in the 4th quarter worth $30,000. Finally, Steward Partners Investment Advisory LLC raised its position in Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after acquiring an additional 900 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.