Summit Therapeutics PLC (NASDAQ:SMMT) Stock Has Average Price Target of $28.61

Key Points

• Analysts hold a moderately bullish view: Summit Therapeutics has a consensus “Moderate Buy” rating, with 10 buys, one strong buy, seven holds and one sell. The average 12-month price target is $28.61.
• The stock was trading at $14.63, down 4.8%: Shares remain below their 52-week high of $29.23, while the company recently reported a quarterly loss of $0.28 per share, slightly worse than estimates.
• Institutional interest is increasing: BlackRock and several other major investors established new positions during the second quarter, although institutional investors collectively own only 4.61% of the company. Summit’s lead candidate is ivonescimab, an experimental cancer treatment being studied for multiple solid tumors.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the nineteen analysts that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have covered the stock in the last year is $28.61.

SMMT has been the topic of a number of analyst reports. Leerink Partners raised shares of Summit Therapeutics from an "underperform" rating to a "market perform" rating and raised their price objective for the stock from $12.00 to $13.00 in a research note on Wednesday, August 12th. Morgan Stanley cut shares of Summit Therapeutics to an "outperform" rating in a research note on Tuesday, September 29th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Summit Therapeutics in a research note on Thursday. The Goldman Sachs Group set a $41.00 price target on shares of Summit Therapeutics and gave the stock a "buy" rating in a report on Tuesday, September 29th. Finally, Wall Street Zen upgraded shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, September 5th.

Summit Therapeutics Stock Down 4.8%

Summit Therapeutics stock opened at $14.63 on Friday. The firm has a market cap of $11.70 billion, a price-to-earnings ratio of -13.06 and a beta of -1.51. Summit Therapeutics has a 52 week low of $12.07 and a 52 week high of $29.23. The business's 50-day moving average price is $15.75 and its 200 day moving average price is $16.37.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Equities analysts expect that Summit Therapeutics will post -1.20 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SMMT. BlackRock Inc. purchased a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $138,838,000. Bank of America Corp DE purchased a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $12,603,000. Elmind Capital LP purchased a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $7,194,957. Bank of New York Mellon Corp purchased a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $6,284,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $4,342,000. Institutional investors and hedge funds own 4.61% of the company's stock.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments. The company's lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition targeting PD-1 with anti-angiogenic activity targeting VEGF. Summit is evaluating ivonescimab in clinical studies for multiple solid tumors, including non-small cell lung cancer.

Summit obtained exclusive rights from Akeso, Inc to develop and commercialize ivonescimab in markets outside China, including the United States and other international territories.

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