Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated by Analysts at UBS Group

Investment analysts at UBS Group assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Get Free Report) in a note issued to investors on Tuesday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $30.00 price target on the stock. UBS Group's price objective points to a potential upside of 40.98% from the stock's current price.

SMMT has been the topic of a number of other reports. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and raised their price target for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. Leerink Partners started coverage on shares of Summit Therapeutics in a report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 price objective for the company. Jefferies Financial Group set a $44.00 target price on shares of Summit Therapeutics and gave the stock a "buy" rating in a report on Friday, April 25th. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a report on Wednesday, March 26th. Finally, HC Wainwright reissued a "buy" rating and set a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $34.67.

Summit Therapeutics Trading Up 3.3%

SMMT opened at $21.28 on Tuesday. Summit Therapeutics has a 12-month low of $6.78 and a 12-month high of $36.91. The company has a market cap of $15.80 billion, a price-to-earnings ratio of -62.59 and a beta of -1.06. The company's 50 day moving average is $23.31 and its 200 day moving average is $21.13.

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

Hedge Funds Weigh In On Summit Therapeutics

Several large investors have recently made changes to their positions in the company. Wells Fargo & Company MN increased its stake in shares of Summit Therapeutics by 79.2% during the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock worth $1,700,000 after purchasing an additional 42,090 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Summit Therapeutics by 252.8% in the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after purchasing an additional 147,003 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Summit Therapeutics by 358.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock worth $3,664,000 after buying an additional 160,592 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Summit Therapeutics by 10.5% in the fourth quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after buying an additional 40,908 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position 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 acquiring an additional 724,040 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.

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