Summit Therapeutics PLC (NASDAQ:SMMT) Stock Has Average Price Target of $25.91

Summit Therapeutics PLC (NASDAQ:SMMT) has been given a consensus recommendation of “Hold” by the seventeen analysts that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $25.91.

SMMT has been the subject of several research analyst reports. Wall Street Zen raised Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, September 5th. Citigroup reaffirmed a “market outperform” rating on shares of Summit Therapeutics in a report on Friday. Leerink Partners upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $12.00 to $13.00 in a research report on Wednesday, August 12th. HC Wainwright reiterated a “neutral” rating on shares of Summit Therapeutics in a report on Wednesday, September 23rd. Finally, Jefferies Financial Group set a $15.00 price target on Summit Therapeutics in a research report on Friday, July 24th.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $15.48 on Tuesday. The company has a market capitalization of $12.35 billion, a price-to-earnings ratio of -13.82 and a beta of -1.24. Summit Therapeutics has a 12 month low of $12.07 and a 12 month high of $29.23. The company’s fifty day moving average price is $14.93 and its two-hundred day moving average price is $16.33.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). As a group, analysts anticipate that Summit Therapeutics will post -1.2 EPS for the current year.

Institutional Trading of Summit Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ball & Co Wealth Management Inc. acquired a new position in shares of Summit Therapeutics in the 1st quarter valued at about $28,000. Parallel Advisors LLC raised its stake in Summit Therapeutics by 4,178.0% during the first quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after acquiring an additional 2,089 shares during the period. Fifth Third Bancorp lifted its holdings in Summit Therapeutics by 24.4% in the first quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock worth $71,000 after acquiring an additional 732 shares during the last quarter. Osterweis Capital Management Inc. bought a new position in Summit Therapeutics in the second quarter worth about $73,000. Finally, Havemeyer Place LP acquired a new position in Summit Therapeutics in the fourth quarter valued at approximately $109,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for the treatment of cancer. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition against PD-1 with selective inhibition of vascular endothelial growth factor A (VEGF-A). Summit is evaluating ivonescimab in clinical studies involving patients with non-small cell lung cancer and other solid tumors.

Summit has entered into a licensing and collaboration agreement with Akeso, a biotechnology company that discovered and developed ivonescimab.