Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated at Leerink Partners

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

Several other equities research analysts have also recently commented on the stock. JMP Securities reiterated a "market outperform" rating and issued a $40.00 price target on shares of Summit Therapeutics in a research report on Monday, June 2nd. The Goldman Sachs Group boosted their target price on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their target price for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. Evercore ISI began coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price target on the stock. Finally, Jefferies Financial Group set a $44.00 price target on Summit Therapeutics and gave the company a "buy" rating in a report on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Summit Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $35.09.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT traded up $0.68 during mid-day trading on Wednesday, reaching $20.26. 1,863,318 shares of the company traded hands, compared to its average volume of 3,755,827. Summit Therapeutics has a fifty-two week low of $6.78 and a fifty-two week high of $36.91. The firm has a market cap of $15.05 billion, a PE ratio of -72.35 and a beta of -1.06. The stock has a fifty day simple moving average of $23.56 and a 200-day simple moving average of $20.90.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued 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. 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

Large investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its position in 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 shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after buying an additional 724,040 shares during the period. Pictet Asset Management Holding SA boosted its stake in shares of Summit Therapeutics by 100.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock valued at $24,755,000 after buying an additional 695,843 shares during the period. Siren L.L.C. purchased a new position in shares of Summit Therapeutics during the 1st quarter valued at $13,407,000. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Summit Therapeutics in the first quarter worth $10,378,000. Institutional investors and hedge funds 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.