Summit Therapeutics (NASDAQ:SMMT) Now Covered by Leerink Partners

Leerink Partners assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a report released on Wednesday, Marketbeat reports. The brokerage issued an underperform rating and a $12.00 price target on the stock.

Several other equities research analysts have also recently issued reports on the stock. Summit Redstone set a $35.00 target price on shares of Summit Therapeutics in a research note on Wednesday, March 26th. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. The Goldman Sachs Group lifted their target price on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. JMP Securities reaffirmed a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a research note on Monday, June 2nd. Finally, Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Summit Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $35.09.

Summit Therapeutics Trading Down 1.9%

SMMT traded down $0.38 during trading on Wednesday, hitting $19.78. The company's stock had a trading volume of 2,891,815 shares, compared to its average volume of 3,649,040. Summit Therapeutics has a twelve month low of $6.78 and a twelve month high of $36.91. The business's fifty day simple moving average is $23.68 and its 200 day simple moving average is $20.92. The firm has a market capitalization of $14.69 billion, a price-to-earnings ratio of -70.64 and a beta of -1.06.

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

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Golden State Wealth Management LLC grew its stake in shares of Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after buying an additional 751 shares in the last quarter. National Bank of Canada FI acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at $30,000. CWM LLC grew its stake in shares of Summit Therapeutics by 3,455.3% in the first 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 shares of Summit Therapeutics by 56.1% in the fourth 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 acquired a new stake in shares of Summit Therapeutics in the first quarter valued at $49,000. Hedge funds and other 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.