Evercore ISI Increases Summit Therapeutics (NASDAQ:SMMT) Price Target to $34.00

Key Points

• Evercore ISI has raised the price target for Summit Therapeutics from $30.00 to $34.00, indicating a potential upside of 20.35% from the current stock price.
• Summit Therapeutics currently holds a consensus rating of "Moderate Buy" among analysts, with an average target price of $35.00.
• Shares of Summit Therapeutics opened at $28.25 with a market capitalization of approximately $20.98 billion, and have a 52-week trading range from $10.60 to $36.91.

Summit Therapeutics (NASDAQ:SMMT - Free Report) had its price target boosted by Evercore ISI from $30.00 to $34.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

SMMT has been the topic of a number of other reports. HC Wainwright restated a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday, July 1st. Leerink Partnrs upgraded shares of Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. JMP Securities reiterated a "market outperform" rating and issued a $40.00 price target on shares of Summit Therapeutics in a research note on Monday, June 2nd. The Goldman Sachs Group increased their price target on shares of Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Finally, TD Cowen upgraded shares of Summit Therapeutics to a "strong-buy" rating in a research note on Thursday, May 8th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $35.00.

Summit Therapeutics Stock Performance

Shares of SMMT traded up $0.24 during mid-day trading on Tuesday, hitting $26.69. 2,586,553 shares of the company's stock were exchanged, compared to its average volume of 2,726,051. The company has a market cap of $19.83 billion, a price-to-earnings ratio of -26.43 and a beta of -1.06. Summit Therapeutics has a fifty-two week low of $11.29 and a fifty-two week high of $36.91. The stock's 50-day moving average is $24.49 and its 200-day moving average is $22.75.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.66). As a group, equities research analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Large investors have recently modified their holdings of the company. Cerity Partners LLC lifted its holdings in shares of Summit Therapeutics by 0.4% during the first quarter. Cerity Partners LLC now owns 113,654 shares of the company's stock worth $2,192,000 after purchasing an additional 440 shares during the period. SBI Securities Co. Ltd. lifted its holdings in shares of Summit Therapeutics by 34.1% during the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company's stock worth $37,000 after purchasing an additional 447 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of Summit Therapeutics by 11.4% during the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock worth $122,000 after purchasing an additional 647 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock worth $1,273,000 after purchasing an additional 694 shares during the period. Finally, Golden State Wealth Management LLC lifted its holdings in shares of Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after purchasing an additional 751 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

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.