Summit Therapeutics PLC (NASDAQ:SMMT) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Analysts give Summit Therapeutics a consensus “Hold” rating: Of 17 analysts, eight recommend holding, seven recommend buying, one recommends selling, and one gives a strong-buy rating. The average 12-month price target is $25.91.
• SMMT shares opened at $16.90, compared with a 52-week range of $12.07 to $29.23, while the company reported quarterly EPS of -$0.28, narrowly missing the -$0.27 consensus estimate.
• Institutional investors made mixed moves, including AXQ Capital nearly doubling its position, while hedge funds and other institutions collectively own 4.61% of the stock.

Shares of Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) have earned a consensus rating of "Hold" from the seventeen brokerages that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $25.9083.

A number of analysts have recently weighed in on the company. KeyCorp reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, June 1st. UBS Group reiterated a "buy" rating and issued a $33.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 8th. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research note on Tuesday, September 1st. Summit Redstone set a $25.00 price target on Summit Therapeutics in a report on Wednesday, September 9th. Finally, Sanford C. Bernstein raised Summit Therapeutics from an "underperform" rating to a "market perform" rating and increased their price target for the company from $9.80 to $11.90 in a research report on Tuesday, August 25th.

Institutional Trading of Summit Therapeutics

A number of large investors have recently made changes to their positions in SMMT. Tidal Investments LLC increased its holdings in Summit Therapeutics by 0.7% in the second quarter. Tidal Investments LLC now owns 121,097 shares of the company's stock valued at $1,764,000 after buying an additional 783 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in Summit Therapeutics during the 2nd quarter worth about $989,000. Nykredit A S purchased a new stake in Summit Therapeutics during the 2nd quarter worth about $111,000. AXQ Capital LP boosted its position in shares of Summit Therapeutics by 98.1% during the 2nd quarter. AXQ Capital LP now owns 93,624 shares of the company's stock worth $1,364,000 after acquiring an additional 46,356 shares in the last quarter. Finally, Two Sigma Securities LLC acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth about $182,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

Shares of SMMT opened at $16.90 on Tuesday. The firm has a 50-day simple moving average of $14.74 and a two-hundred day simple moving average of $16.30. The stock has a market cap of $13.48 billion, a PE ratio of -15.09 and a beta of -1.24. Summit Therapeutics has a 1-year low of $12.07 and a 1-year high of $29.23.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). As a group, sell-side analysts expect that Summit Therapeutics will post -1.2 earnings per share for the current fiscal year.

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.

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