Summit Therapeutics (NASDAQ:SMMT) Now Covered by UBS Group

UBS Group assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a report published on Tuesday, Marketbeat.com reports. The brokerage issued a buy rating and a $30.00 price objective on the stock.

A number of other equities analysts also recently issued reports on SMMT. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. Evercore ISI started coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 target price on the stock. TD Cowen upgraded Summit Therapeutics to a "strong-buy" rating in a report on Thursday, May 8th. Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Finally, Wall Street Zen upgraded shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, June 29th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $34.67.

Summit Therapeutics Stock Performance

Summit Therapeutics stock traded up $1.73 during mid-day trading on Tuesday, reaching $24.35. The stock had a trading volume of 12,732,495 shares, compared to its average volume of 3,708,545. Summit Therapeutics has a fifty-two week low of $6.90 and a fifty-two week high of $36.91. The stock's 50-day simple moving average is $22.75 and its 200-day simple moving average is $21.21. The firm has a market capitalization of $18.08 billion, a PE ratio of -71.60 and a beta of -1.01.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted 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. On average, research analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Golden State Wealth Management LLC raised its stake in Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after acquiring an additional 751 shares during the period. National Bank of Canada FI bought a new position in Summit Therapeutics in the 4th quarter worth approximately $30,000. CWM LLC grew its stake in Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after buying an additional 1,624 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after buying an additional 900 shares in the last quarter. Finally, AlphaQuest LLC bought a new stake in Summit Therapeutics during the 1st quarter valued at $49,000. Institutional investors 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.