Summit Therapeutics (NASDAQ:SMMT) Research Coverage Started at Truist Financial

Truist Financial started coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a report issued on Wednesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $35.00 price target on the stock.

Several other equities research analysts also recently issued reports on the company. Jefferies Financial Group initiated coverage on Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 price target on the stock. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their target price for the company from $19.00 to $23.00 in a report on Friday, September 27th. Stifel Nicolaus upped their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. JMP Securities assumed coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective on the stock. Finally, Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Trading Down 5.2 %

NASDAQ:SMMT opened at $17.85 on Wednesday. The firm has a market capitalization of $13.16 billion, a PE ratio of -63.75 and a beta of -0.87. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89. The firm’s fifty day simple moving average is $18.80 and its 200 day simple moving average is $16.46.

Institutional Inflows and Outflows

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