Summit Therapeutics PLC (NASDAQ:SMMT) Given Consensus Rating of "Moderate Buy" by Brokerages

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the fourteen ratings firms that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $34.67.

SMMT has been the subject of a number of analyst reports. Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the stock a "buy" rating in a report on Friday, April 25th. Leerink Partners began coverage on shares of Summit Therapeutics in a research report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 target price for the company. UBS Group initiated coverage on Summit Therapeutics in a research report on Tuesday. They issued a "buy" rating and a $30.00 price objective for the company. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday.

Summit Therapeutics Trading Up 4.1%

Shares of NASDAQ SMMT traded up $0.86 during mid-day trading on Friday, reaching $22.06. The company had a trading volume of 1,705,831 shares, compared to its average volume of 3,654,088. Summit Therapeutics has a 52-week low of $6.78 and a 52-week high of $36.91. The stock has a market cap of $16.38 billion, a P/E ratio of -64.85 and a beta of -1.02. The firm has a 50 day simple moving average of $23.19 and a two-hundred day simple moving average of $21.13.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. On average, equities analysts expect that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several large investors have recently bought and sold shares of SMMT. Rhumbline Advisers increased its position in shares of Summit Therapeutics by 5.2% in the 1st quarter. Rhumbline Advisers now owns 131,760 shares of the company's stock valued at $2,542,000 after buying an additional 6,558 shares in the last quarter. Siren L.L.C. acquired a new position in shares of Summit Therapeutics in the 1st quarter valued at approximately $13,407,000. Focus Partners Wealth increased its stake in Summit Therapeutics by 145,546.6% during the 1st quarter. Focus Partners Wealth now owns 84,475 shares of the company's stock worth $1,630,000 after purchasing an additional 84,417 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Summit Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after buying an additional 694 shares during the period. Finally, Cutter Capital Management LP bought a new stake in shares of Summit Therapeutics during the first quarter worth $7,716,000. 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.