Summit Therapeutics Inc. (NASDAQ:SMMT) Receives $33.33 Average Price Target from Brokerages

Summit Therapeutics Inc. (NASDAQ:SMMT) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $33.33.

SMMT has been the topic of several analyst reports. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. JMP Securities assumed coverage on Summit Therapeutics in a research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price for the company. HC Wainwright reissued a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. Wells Fargo & Company started coverage on Summit Therapeutics in a research note on Wednesday. They issued an “overweight” rating and a $30.00 price target for the company. Finally, Stifel Nicolaus upped their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Darwin Wealth Management LLC bought a new stake in Summit Therapeutics during the third quarter worth approximately $25,000. Covestor Ltd increased its stake in Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares during the period. Fullcircle Wealth LLC purchased a new stake in shares of Summit Therapeutics during the second quarter worth $95,000. Fred Alger Management LLC purchased a new position in Summit Therapeutics in the third quarter valued at about $105,000. Finally, XTX Topco Ltd bought a new position in Summit Therapeutics during the second quarter valued at approximately $121,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Down 0.2 %

NASDAQ SMMT opened at $17.83 on Wednesday. The stock has a market cap of $13.15 billion, a PE ratio of -65.35 and a beta of -0.92. The business has a 50 day moving average price of $19.64 and a two-hundred day moving average price of $14.88. Summit Therapeutics has a fifty-two week low of $2.10 and a fifty-two week high of $33.89.

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.