JMP Securities Reiterates "Market Outperform" Rating for Summit Therapeutics (NASDAQ:SMMT)

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "market outperform" rating reiterated by JMP Securities in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $40.00 target price on the stock. JMP Securities' target price suggests a potential upside of 62.66% from the stock's current price.

Several other brokerages have also commented on SMMT. StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Truist Financial assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 target price on the stock. HC Wainwright reaffirmed a "buy" rating on shares of Summit Therapeutics in a report on Monday. Evercore ISI started coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price target for the company. Finally, Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the stock a "buy" rating in a research note on Friday. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $37.50.

Summit Therapeutics Stock Performance

Shares of SMMT stock traded up $1.12 during mid-day trading on Monday, reaching $24.59. The company's stock had a trading volume of 6,347,060 shares, compared to its average volume of 3,377,463. The firm's 50-day moving average is $20.95 and its two-hundred day moving average is $20.15. The company has a market cap of $18.14 billion, a P/E ratio of -88.14 and a beta of -0.46. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $36.91.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SMMT. Golden State Wealth Management LLC increased its stake in shares of Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after buying an additional 751 shares during the period. Brooklyn Investment Group acquired a new stake in Summit Therapeutics in the fourth quarter worth about $29,000. National Bank of Canada FI bought a new stake in Summit Therapeutics during the 4th quarter worth about $30,000. Steward Partners Investment Advisory LLC lifted its position in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after purchasing an additional 900 shares during the period. Finally, Fifth Third Bancorp boosted its stake in shares of Summit Therapeutics by 1,400.0% in the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock valued at $58,000 after purchasing an additional 2,800 shares during the last quarter. Institutional investors own 4.61% of the company's stock.

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.

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