Summit Therapeutics (NASDAQ:SMMT) Earns "Market Outperform" Rating from JMP Securities

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "market outperform" rating restated by equities researchers at JMP Securities in a report issued on Monday,Benzinga reports. They currently have a $40.00 target price on the stock. JMP Securities' price objective would indicate a potential upside of 102.64% from the company's current price.

SMMT has been the topic of several other reports. Evercore ISI started coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price objective on the stock. TD Cowen upgraded shares of Summit Therapeutics to a "strong-buy" rating in a report on Thursday, May 8th. Citigroup upgraded shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their price objective for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the company a "buy" rating in a report on Friday, April 25th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $37.40.

Summit Therapeutics Stock Up 0.9%

NASDAQ:SMMT traded up $0.18 during trading hours on Monday, reaching $19.74. 2,075,940 shares of the company's stock were exchanged, compared to its average volume of 3,738,098. The business's 50-day simple moving average is $23.38 and its two-hundred day simple moving average is $20.84. Summit Therapeutics has a 12 month low of $6.78 and a 12 month high of $36.91. The company has a market capitalization of $14.66 billion, a P/E ratio of -70.49 and a beta of -0.94.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN grew its stake in shares of Summit Therapeutics by 79.2% in the 4th quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock valued at $1,700,000 after buying an additional 42,090 shares during the period. Principal Financial Group Inc. grew its stake in shares of 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 buying an additional 147,003 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Summit Therapeutics by 358.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock valued at $3,664,000 after buying an additional 160,592 shares during the period. abrdn plc grew its stake in shares of Summit Therapeutics by 13.6% in the 4th quarter. abrdn plc now owns 1,290,425 shares of the company's stock valued at $23,028,000 after buying an additional 154,139 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Summit Therapeutics by 10.5% in the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock valued at $7,701,000 after buying an additional 40,908 shares during the period. 4.61% of the stock is owned by institutional investors.

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.