Summit Therapeutics (NASDAQ:SMMT) Now Covered by Analysts at Stifel Nicolaus

Key Points

• Stifel Nicolaus initiated coverage with a Buy rating and a $45.00 price target, implying roughly 134% upside from the current share price.
• Consensus across analysts is a Moderate Buy with an average price target of $31.00 (ratings: 2 Strong Buy, 9 Buy, 5 Hold, 2 Sell), showing mixed but generally positive sentiment.
• Summit recently reported an EPS miss (‑$0.29 vs. ‑$0.22 expected) and is forecast to post about ‑$0.30 EPS for the year; the stock trades near $19.22 with a market cap of $14.9 billion and a negative P/E.

Equities researchers at Stifel Nicolaus initiated coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Get Free Report) in a research note issued on Wednesday,Benzinga reports. The firm set a "buy" rating and a $45.00 price target on the stock. Stifel Nicolaus' target price indicates a potential upside of 134.13% from the stock's current price.

Other analysts also recently issued research reports about the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Summit Therapeutics in a research report on Thursday, January 22nd. Citigroup restated a "buy" rating on shares of Summit Therapeutics in a research report on Tuesday, February 24th. Jefferies Financial Group cut shares of Summit Therapeutics from a "buy" rating to a "hold" rating and cut their price target for the stock from $42.00 to $15.00 in a report on Monday, March 16th. Zacks Research raised shares of Summit Therapeutics from a "strong sell" rating to a "hold" rating in a report on Thursday, March 5th. Finally, Barclays raised shares of Summit Therapeutics from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $16.00 to $18.00 in a report on Wednesday, December 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Summit Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $31.00.

Summit Therapeutics Price Performance

SMMT stock opened at $19.22 on Wednesday. The company has a fifty day moving average price of $16.02 and a 200 day moving average price of $17.70. Summit Therapeutics has a 12 month low of $13.83 and a 12 month high of $36.91. The company has a market cap of $14.90 billion, a price-to-earnings ratio of -13.26 and a beta of -1.36.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.07). As a group, analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of large investors have recently made changes to their positions in SMMT. AQR Capital Management LLC increased its holdings in shares of Summit Therapeutics by 5.0% in the 1st quarter. AQR Capital Management LLC now owns 65,623 shares of the company's stock valued at $1,266,000 after purchasing an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after purchasing an additional 694 shares in the last quarter. Creative Planning increased its holdings in shares of Summit Therapeutics by 6.7% in the 2nd quarter. Creative Planning now owns 21,390 shares of the company's stock valued at $455,000 after purchasing an additional 1,336 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Summit Therapeutics by 33.8% in the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company's stock valued at $561,000 after purchasing an additional 6,662 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $132,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit's lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.

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