Summit Therapeutics (NASDAQ:SMMT) Earns "Market Outperform" Rating from JMP Securities

Key Points

• Summit Therapeutics received a "market outperform" rating from JMP Securities, with a price target set at $40.00, suggesting a potential upside of 65.21% from its current valuation.
• The company has faced mixed ratings from analysts, with a consensus rating of “Moderate Buy” and an average price target of $33.31.
• Summit Therapeutics reported a loss of ($0.76) EPS for the last quarter, significantly missing the expected loss of ($0.10).

JMP Securities reiterated their market outperform rating on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a report issued on Wednesday morning,Benzinga reports. JMP Securities currently has a $40.00 price objective on the stock.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Zacks Research cut shares of Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 14th. TD Cowen raised shares of Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. HC Wainwright reiterated a "buy" rating and set a $50.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, September 2nd. Finally, Leerink Partnrs upgraded shares of Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.79.

Summit Therapeutics Trading Up 9.2%

Shares of SMMT traded up $2.18 during trading hours on Wednesday, reaching $25.98. The company had a trading volume of 3,401,699 shares, compared to its average volume of 3,066,105. The firm has a 50 day simple moving average of $25.85 and a 200-day simple moving average of $23.21. The company has a market capitalization of $19.30 billion, a price-to-earnings ratio of -25.72 and a beta of -1.02. Summit Therapeutics has a 12-month low of $11.88 and a 12-month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). Sell-side analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of SMMT. Norges Bank acquired a new stake in Summit Therapeutics in the 2nd quarter valued at about $29,576,000. APEIRON CAPITAL Ltd acquired a new position in Summit Therapeutics in the second quarter worth approximately $25,556,000. Fiera Capital Corp acquired a new position in Summit Therapeutics in the second quarter worth approximately $16,659,000. Siren L.L.C. acquired a new position in Summit Therapeutics during the first quarter valued at approximately $13,407,000. Finally, Adage Capital Partners GP L.L.C. acquired a new position in Summit Therapeutics during the first quarter valued at approximately $10,378,000. 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.