Summit Therapeutics Inc. (NASDAQ:SMMT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) have earned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $33.57.

A number of equities research analysts recently weighed in on the stock. JMP Securities began coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective for the company. Wells Fargo & Company began coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target on the stock. Truist Financial started coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, January 21st. Finally, Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective on the stock.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Baker BROS. Advisors LP increased its stake in shares of Summit Therapeutics by 5.2% in 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 period. FMR LLC grew 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 worth $181,838,000 after purchasing an additional 737,692 shares during the period. Geode Capital Management LLC raised its stake 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 buying an additional 135,981 shares during the last quarter. Millennium Management LLC acquired a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $15,154,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Summit Therapeutics by 53.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after buying an additional 497,984 shares during the period. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT opened at $21.64 on Thursday. The stock has a market capitalization of $15.96 billion, a P/E ratio of -77.28 and a beta of -0.87. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89. The business’s 50 day moving average is $18.96 and its two-hundred day moving average is $17.69.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.02). During the same quarter in the prior year, the company posted ($0.03) EPS. As a group, equities research analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

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.