Summit Therapeutics (NASDAQ:SMMT) Price Target Raised 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 - Get Free Report) had its target price raised by equities researchers at Evercore ISI from $30.00 to $34.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Evercore ISI's price target points to a potential upside of 20.35% from the stock's current price.

Several other equities research analysts also recently weighed in on SMMT. UBS Group assumed coverage on Summit Therapeutics in a report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective for the company. Jefferies Financial Group set a $44.00 price objective on Summit Therapeutics and gave the company a "buy" rating in a report on Friday, April 25th. TD Cowen raised Summit Therapeutics to a "strong-buy" rating in a report on Thursday, May 8th. JMP Securities reissued a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a report on Monday, June 2nd. Finally, Wall Street Zen raised Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, June 29th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

Summit Therapeutics Stock Down 1.4%

Shares of Summit Therapeutics stock opened at $28.25 on Tuesday. The firm has a market capitalization of $20.98 billion, a P/E ratio of -83.09 and a beta of -1.06. Summit Therapeutics has a 52 week low of $10.60 and a 52 week high of $36.91. The firm's 50 day moving average is $23.98 and its two-hundred day moving average is $22.66.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Catalyst Funds Management Pty Ltd purchased a new stake in Summit Therapeutics during the 2nd quarter worth about $475,000. Creative Planning grew its holdings in 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 buying an additional 1,336 shares during the period. Fiera Capital Corp purchased a new stake in Summit Therapeutics in the 2nd quarter valued at about $16,659,000. Police & Firemen s Retirement System of New Jersey grew its holdings in Summit Therapeutics by 118.3% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 44,588 shares of the company's stock valued at $949,000 after buying an additional 24,163 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in Summit Therapeutics by 325.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,638 shares of the company's stock valued at $56,000 after buying an additional 2,018 shares during the period. Hedge funds and other institutional investors 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.

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