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

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Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "market outperform" rating reaffirmed by research analysts at JMP Securities in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $40.00 price objective on the stock. JMP Securities' target price points to a potential upside of 52.15% from the stock's current price.

A number of other research analysts also recently commented on SMMT. 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. Zacks Research downgraded Summit Therapeutics from a "hold" rating to a "strong sell" rating in a report on Thursday, August 14th. Leerink Partners initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 target price on the stock. Piper Sandler initiated coverage on Summit Therapeutics in a report on Monday. They issued a "neutral" rating and a $21.00 price objective for the company. Finally, The Goldman Sachs Group upped their target price on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Four analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Summit Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $33.92.

Summit Therapeutics Stock Down 1.5%

NASDAQ SMMT opened at $26.29 on Tuesday. Summit Therapeutics has a 52 week low of $11.29 and a 52 week high of $36.91. The company has a market capitalization of $19.53 billion, a P/E ratio of -26.03 and a beta of -1.06. The stock's 50-day moving average price is $24.58 and its 200-day moving average price is $22.80.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.66). Research analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SMMT. Price T Rowe Associates Inc. MD lifted its holdings in Summit Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock valued at $116,995,000 after acquiring an additional 1,118,270 shares during the period. Norges Bank purchased a new position in shares of Summit Therapeutics in the second quarter valued at approximately $29,576,000. APEIRON CAPITAL Ltd acquired a new stake in Summit Therapeutics during the 2nd quarter worth $25,556,000. Northern Trust Corp boosted its position in Summit Therapeutics by 1.6% during the fourth quarter. Northern Trust Corp now owns 871,402 shares of the company's stock worth $15,550,000 after acquiring an additional 14,075 shares during the last quarter. Finally, Fiera Capital Corp acquired a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $16,659,000. Institutional investors and hedge funds 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.

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