Summit Therapeutics Inc. (NASDAQ:SMMT) Receives $37.40 Consensus PT from Analysts

Summit Therapeutics Inc. (NASDAQ:SMMT) has earned an average rating of “Buy” from the eleven analysts that are presently covering the firm, MarketBeat reports. Ten investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $37.40.

Several analysts have weighed in on the stock. HC Wainwright reiterated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research note on Monday, April 28th. TD Cowen upgraded shares of Summit Therapeutics to a “strong-buy” rating in a research note on Thursday, May 8th. Evercore ISI assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 target price for the company. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a report on Wednesday, March 26th. Finally, Wall Street Zen raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th.

Summit Therapeutics Price Performance

SMMT stock opened at $22.08 on Wednesday. Summit Therapeutics has a 1-year low of $6.78 and a 1-year high of $36.91. The firm has a fifty day moving average price of $23.51 and a two-hundred day moving average price of $20.91. The firm has a market cap of $16.40 billion, a price-to-earnings ratio of -78.85 and a beta of -1.06.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. As a group, analysts expect that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors have recently bought and sold shares of SMMT. Golden State Wealth Management LLC lifted its holdings in Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after purchasing an additional 751 shares during the period. National Bank of Canada FI acquired a new stake in Summit Therapeutics in the fourth quarter worth about $30,000. CWM LLC lifted its holdings in Summit Therapeutics by 3,455.3% in the first quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after purchasing an additional 1,624 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in Summit Therapeutics by 56.1% in 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. Finally, AlphaQuest LLC acquired a new stake in Summit Therapeutics in the first quarter worth about $49,000. 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.