Summit Therapeutics' (SMMT) "Market Outperform" Rating Reaffirmed at JMP Securities

JMP Securities restated their market outperform rating on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a $40.00 price target on the stock.

SMMT has been the topic of a number of other reports. Truist Financial started coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 target price on the stock. Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the company a "buy" rating in a research report on Friday, April 25th. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a research report on Wednesday, March 26th. Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. Finally, Evercore ISI began coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price target for the company. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Summit Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $37.40.

Summit Therapeutics Stock Up 13.1 %

NASDAQ:SMMT traded up $3.23 on Monday, reaching $27.90. 7,351,888 shares of the company's stock traded hands, compared to its average volume of 3,849,931. The stock has a 50-day simple moving average of $21.36 and a 200-day simple moving average of $20.30. Summit Therapeutics has a 12 month low of $2.10 and a 12 month high of $36.91. The firm has a market cap of $20.58 billion, a PE ratio of -99.64 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. On average, equities analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

A number of large investors have recently modified their holdings of SMMT. Cerity Partners LLC lifted its holdings in shares of Summit Therapeutics by 0.4% in the 1st quarter. Cerity Partners LLC now owns 113,654 shares of the company's stock worth $2,192,000 after buying an additional 440 shares during the period. Exchange Traded Concepts LLC raised its holdings in shares of Summit Therapeutics by 11.4% in the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock valued at $122,000 after acquiring an additional 647 shares in the last quarter. Golden State Wealth Management LLC lifted its stake in Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after acquiring an additional 751 shares during the period. Steward Partners Investment Advisory LLC grew its holdings 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 worth $45,000 after acquiring an additional 900 shares in the last quarter. Finally, Summit Investment Advisors Inc. increased its position in Summit Therapeutics by 12.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company's stock valued at $172,000 after purchasing an additional 1,044 shares during the period. Hedge funds and other institutional investors own 4.61% of the company's stock.

About Summit Therapeutics

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.