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

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) have received an average recommendation of "Buy" from the eleven brokerages that are currently covering the company, Marketbeat Ratings reports. Ten investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $37.40.

A number of research firms recently weighed in on SMMT. JMP Securities reissued a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Monday. HC Wainwright reaffirmed a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. Jefferies Financial Group set a $44.00 target price on shares of Summit Therapeutics and gave the stock a "buy" rating in a research report on Friday, April 25th. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and raised their target price for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT traded up $0.17 during mid-day trading on Wednesday, hitting $19.73. 3,405,002 shares of the company's stock traded hands, compared to its average volume of 3,627,137. The company's 50-day moving average is $23.38 and its two-hundred day moving average is $20.84. The company has a market capitalization of $14.65 billion, a P/E ratio of -70.46 and a beta of -0.94. Summit Therapeutics has a 1 year low of $6.78 and a 1 year high of $36.91.

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

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of SMMT. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 valued at $116,995,000 after purchasing an additional 1,118,270 shares in the last quarter. Vanguard Group Inc. boosted its stake in Summit Therapeutics by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after acquiring an additional 724,040 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in Summit Therapeutics by 100.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock valued at $24,755,000 after acquiring an additional 695,843 shares in the last quarter. Siren L.L.C. acquired a new stake in Summit Therapeutics in the first quarter valued at approximately $13,407,000. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in Summit Therapeutics in the first quarter valued at approximately $10,378,000. 4.61% of the stock is currently owned by 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.