Summit Therapeutics Inc. (NASDAQ:SMMT) Receives Average Rating of "Buy" from Analysts

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) have earned a consensus recommendation of "Buy" from the ten ratings firms that are currently covering the firm, Marketbeat Ratings reports. Ten equities research analysts have rated the stock with a buy recommendation. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $37.40.

Several analysts recently commented on the company. Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th. JMP Securities reiterated a "market outperform" rating and issued a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the company a "buy" rating in a research note on Friday, April 25th. Finally, The Goldman Sachs Group raised their target price on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $23.96 on Friday. The stock has a market capitalization of $17.79 billion, a P/E ratio of -85.57 and a beta of -0.94. The company's fifty day moving average price is $21.95 and its 200 day moving average price is $20.42. 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 released its 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. Sell-side analysts predict that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 last quarter. Vanguard Group Inc. boosted its position in shares of Summit Therapeutics by 6.6% during 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. Pictet Asset Management Holding SA raised its holdings in shares of Summit Therapeutics by 100.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock valued at $24,755,000 after buying an additional 695,843 shares during the period. BNP Paribas Financial Markets acquired a new position in Summit Therapeutics during the 4th quarter worth about $8,801,000. Finally, Invesco Ltd. boosted its holdings in Summit Therapeutics by 435.7% during the 4th quarter. Invesco Ltd. now owns 399,050 shares of the company's stock valued at $7,121,000 after acquiring an additional 324,555 shares during the period. Institutional investors and hedge funds 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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