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

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

A number of brokerages recently commented on SMMT. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. Stifel Nicolaus lifted their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, JMP Securities started coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds have recently bought and sold shares of the company. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics in the third quarter worth about $25,000. Covestor Ltd raised its holdings in Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after buying an additional 1,190 shares during the period. Fred Alger Management LLC acquired a new stake in Summit Therapeutics during the 3rd quarter worth approximately $105,000. XTX Topco Ltd bought a new position in Summit Therapeutics in the second quarter valued at approximately $121,000. Finally, CIBC Asset Management Inc acquired a new position in shares of Summit Therapeutics in the second quarter valued at approximately $154,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $18.24 on Friday. The stock has a market capitalization of $13.45 billion, a P/E ratio of -65.14 and a beta of -0.87. Summit Therapeutics has a 52 week low of $2.10 and a 52 week high of $33.89. The stock has a fifty day moving average of $18.99 and a 200-day moving average of $16.10.

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.