Summit Therapeutics (NASDAQ:SMMT) Raised to "Strong-Buy" at TD Cowen

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) was upgraded by research analysts at TD Cowen to a "strong-buy" rating in a research report issued on Thursday,Zacks.com reports.

A number of other brokerages have also recently weighed in on SMMT. Summit Redstone set a $35.00 price target on Summit Therapeutics in a research note on Wednesday, March 26th. Jefferies Financial Group set a $44.00 price target on shares of Summit Therapeutics and gave the company a "buy" rating in a report on Friday, April 25th. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. JMP Securities restated a "market outperform" rating and issued a $40.00 target price on shares of Summit Therapeutics in a report on Monday, April 28th. Finally, Truist Financial assumed coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price target on the stock. One research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Summit Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $37.40.

Summit Therapeutics Price Performance

Shares of SMMT opened at $23.96 on Thursday. The firm's 50 day moving average is $21.95 and its 200-day moving average is $20.42. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $36.91. The stock has a market capitalization of $17.79 billion, a P/E ratio of -85.57 and a beta of -0.94.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted 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, equities research analysts forecast that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors have recently made changes to their positions in SMMT. Franklin Resources Inc. bought a new position in Summit Therapeutics during the third quarter valued at approximately $2,091,000. SeaCrest Wealth Management LLC acquired a new position in shares of Summit Therapeutics during the 4th quarter worth $444,000. Assenagon Asset Management S.A. bought a new position in shares of Summit Therapeutics during the 4th quarter valued at $229,000. Avanza Fonder AB acquired a new stake in shares of Summit Therapeutics in the 4th quarter valued at $115,000. Finally, Brooklyn Investment Group bought a new stake in Summit Therapeutics in the fourth quarter worth $29,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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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