Cantor Fitzgerald Initiates Coverage on Summit Therapeutics (NASDAQ:SMMT)

Research analysts at Cantor Fitzgerald assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report issued on Friday, MarketBeat reports. The firm set an “overweight” rating on the stock.

Several other research firms have also issued reports on SMMT. HC Wainwright restated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. The Goldman Sachs Group assumed coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They issued a “buy” rating and a $42.00 target price for the company. Evercore ISI assumed coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 target price for the company. Finally, Truist Financial assumed coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.11.

Summit Therapeutics Stock Performance

SMMT opened at $19.75 on Friday. Summit Therapeutics has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The company has a fifty day moving average of $20.28 and a 200 day moving average of $20.01. The stock has a market capitalization of $14.57 billion, a price-to-earnings ratio of -70.53 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $0.20 million for the quarter. On average, equities research analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP increased its position in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares during the period. Price T Rowe Associates Inc. MD increased its position in Summit Therapeutics by 20.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock valued at $116,995,000 after purchasing an additional 1,118,270 shares during the period. FMR LLC increased its position in Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after purchasing an additional 737,692 shares during the period. Vanguard Group Inc. increased its position in Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after purchasing an additional 724,040 shares during the period. Finally, Pictet Asset Management Holding SA increased its position in Summit Therapeutics by 100.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company’s stock valued at $24,755,000 after purchasing an additional 695,843 shares during the period. Institutional investors 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.