Analysts Set Summit Therapeutics Inc. (NASDAQ:SMMT) PT at $35.40

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) has been given an average recommendation of "Buy" by the ten research firms that are presently covering the company, MarketBeat reports. Ten equities research analysts have rated the stock with a buy rating. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $35.40.

A number of analysts recently issued reports on the stock. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They set a "buy" rating and a $42.00 target price on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, February 25th. StockNews.com upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Evercore ISI began coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price target for the company. Finally, Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and upped their price objective for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th.

Summit Therapeutics Price Performance

Shares of SMMT stock traded up $1.56 during trading hours on Tuesday, reaching $24.61. 3,445,159 shares of the company's stock were exchanged, compared to its average volume of 3,593,609. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89. The company's 50 day moving average is $20.13 and its two-hundred day moving average is $19.78. The company has a market cap of $18.15 billion, a P/E ratio of -87.89 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. As a group, analysts predict that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Summit Therapeutics by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after buying an additional 724,040 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Summit Therapeutics by 20.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after acquiring an additional 1,118,270 shares during the period. Geode Capital Management LLC grew its position in Summit Therapeutics by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock valued at $57,133,000 after acquiring an additional 101,039 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Summit Therapeutics by 3.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company's stock valued at $26,501,000 after purchasing an additional 52,359 shares during the period. Finally, Pictet Asset Management Holding SA lifted its position in shares of Summit Therapeutics by 100.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock worth $24,755,000 after purchasing an additional 695,843 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.