Summit Therapeutics (NASDAQ:SMMT) Receives "Overweight" Rating from Cantor Fitzgerald

Key Points

• Summit Therapeutics (NASDAQ:SMMT) has received an "overweight" rating from Cantor Fitzgerald, reaffirming investor confidence amidst varying ratings from other firms.
• The stock has a consensus rating of Moderate Buy with a price target of $33.79, while numerous analysts have differing views, ranging from Strong Buy to Strong Sell.
• Shares of Summit Therapeutics opened at $22.00, with a market cap of $16.34 billion, reflecting significant price volatility over the past year.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "overweight" rating restated by equities researchers at Cantor Fitzgerald in a research note issued on Monday,Benzinga reports.

Several other research firms have also recently weighed in on SMMT. Wall Street Zen cut Summit Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Summit Redstone set a $21.00 price objective on Summit Therapeutics in a research note on Tuesday, August 19th. HC Wainwright reiterated a "buy" rating and set a $50.00 price objective on shares of Summit Therapeutics in a research note on Monday. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. Finally, Zacks Research lowered Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $33.79.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $22.00 on Monday. Summit Therapeutics has a 1 year low of $15.55 and a 1 year high of $36.91. The company has a market cap of $16.34 billion, a price-to-earnings ratio of -21.78 and a beta of -1.02. The firm has a fifty day moving average of $25.85 and a 200-day moving average of $23.21.

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 for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). Analysts predict that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Summit Therapeutics during the second quarter worth approximately $29,576,000. APEIRON CAPITAL Ltd purchased a new position in shares of Summit Therapeutics in the second quarter valued at $25,556,000. Northern Trust Corp grew its position in shares of Summit Therapeutics by 1.6% in the fourth quarter. Northern Trust Corp now owns 871,402 shares of the company's stock valued at $15,550,000 after purchasing an additional 14,075 shares in the last quarter. Fiera Capital Corp purchased a new position in Summit Therapeutics during the second quarter worth about $16,659,000. Finally, Siren L.L.C. bought a new stake in Summit Therapeutics during the first quarter worth about $13,407,000. 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.

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