Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated by Analysts at The Goldman Sachs Group

Equities researchers at The Goldman Sachs Group initiated coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a report released on Friday, Marketbeat.com reports. The brokerage set a “buy” rating and a $42.00 price target on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 103.00% from the company’s previous close.

A number of other brokerages have also recently weighed in on SMMT. JMP Securities initiated coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. StockNews.com lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Tuesday, February 25th. Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective for the company. Truist Financial started coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $34.63.

Summit Therapeutics Price Performance

Shares of SMMT stock opened at $20.69 on Friday. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89. The firm has a market cap of $15.26 billion, a PE ratio of -73.89 and a beta of -0.88. The company has a 50-day moving average of $19.99 and a two-hundred day moving average of $19.31.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). The company had revenue of $0.20 million for the quarter. Sell-side analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Institutional investors have recently bought and sold shares of the business. Darwin Wealth Management LLC purchased a new position in shares of Summit Therapeutics in the 3rd quarter valued at about $25,000. Covestor Ltd boosted its holdings in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares in the last quarter. Brooklyn Investment Group purchased a new position in Summit Therapeutics in the fourth quarter valued at approximately $29,000. National Bank of Canada FI acquired a new stake in Summit Therapeutics during the fourth quarter worth approximately $30,000. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after buying an additional 900 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.