The Goldman Sachs Group Initiates Coverage on Summit Therapeutics (NASDAQ:SMMT)

The Goldman Sachs Group assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note issued on Friday, MarketBeat.com reports. The brokerage set a “buy” rating and a $42.00 price target on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 103.00% from the company’s previous close.

Several other equities research analysts have also commented on the stock. StockNews.com lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday, February 25th. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target for the company. JMP Securities initiated coverage on Summit Therapeutics in a research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.63.

Summit Therapeutics Stock Up 11.9 %

SMMT stock opened at $20.69 on Friday. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $33.89. The firm has a market cap of $15.26 billion, a P/E ratio of -73.89 and a beta of -0.88. The company’s 50-day simple moving average is $19.99 and its 200-day simple moving average is $19.31.

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

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Darwin Wealth Management LLC purchased a new stake in Summit Therapeutics in the 3rd quarter valued at $25,000. Covestor Ltd grew its holdings in shares of Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares during the period. Brooklyn Investment Group acquired a new stake in Summit Therapeutics during the fourth quarter worth about $29,000. National Bank of Canada FI purchased a new position in Summit Therapeutics during the fourth quarter worth about $30,000. Finally, Steward Partners Investment Advisory LLC raised its stake 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 purchasing an additional 900 shares during the period. Hedge funds and other institutional investors 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.