Brokerages Set Summit Therapeutics Inc. (NASDAQ:SMMT) Target Price at $37.40

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) have received an average recommendation of "Buy" from the eleven ratings firms that are covering the firm, Marketbeat reports. Ten analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $37.40.

Several research firms recently weighed in on SMMT. Jefferies Financial Group set a $44.00 target price on shares of Summit Therapeutics and gave the company a "buy" rating in a research note on Friday, April 25th. TD Cowen upgraded shares of Summit Therapeutics to a "strong-buy" rating in a research note on Thursday, May 8th. Citigroup upgraded shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their target price for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. Evercore ISI began coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price for the company. Finally, Wall Street Zen upgraded shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT traded up $0.86 during midday trading on Wednesday, hitting $20.59. The company's stock had a trading volume of 3,909,393 shares, compared to its average volume of 3,622,543. The stock has a market capitalization of $15.29 billion, a price-to-earnings ratio of -73.53 and a beta of -1.06. The stock's 50 day simple moving average is $23.43 and its 200 day simple moving average is $20.85. Summit Therapeutics has a fifty-two week low of $6.78 and a fifty-two week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. As a group, analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in 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 purchasing an additional 724,040 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after purchasing an additional 1,118,270 shares during the period. Geode Capital Management LLC lifted its stake in Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock worth $57,133,000 after purchasing an additional 101,039 shares during the period. Charles Schwab Investment Management Inc. increased its holdings 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 worth $26,501,000 after buying an additional 52,359 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings 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 buying an additional 695,843 shares in 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.