Summit Therapeutics Inc. (NASDAQ:SMMT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) have earned an average rating of “Moderate Buy” from the seven research firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $33.57.

Several brokerages have recently issued reports on SMMT. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price objective for the company from $19.00 to $23.00 in a research report on Friday, September 27th. JMP Securities assumed coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price for the company. HC Wainwright restated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a report on Monday, November 18th. Finally, Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price objective for the company.

Summit Therapeutics Stock Up 3.6 %

Summit Therapeutics stock opened at $18.82 on Friday. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $33.89. The company has a market cap of $13.88 billion, a price-to-earnings ratio of -67.21 and a beta of -0.87. The firm’s fifty day moving average is $18.83 and its 200 day moving average is $16.39.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its position in shares of Summit Therapeutics by 131.9% during the second quarter. Principal Financial Group Inc. now owns 36,133 shares of the company’s stock worth $282,000 after acquiring an additional 20,553 shares during the period. CIBC Asset Management Inc purchased a new position in Summit Therapeutics during the 2nd quarter worth $154,000. TD Asset Management Inc bought a new stake in Summit Therapeutics during the 2nd quarter valued at $2,081,000. Sargent Investment Group LLC lifted its holdings in shares of Summit Therapeutics by 620.0% in the 2nd quarter. Sargent Investment Group LLC now owns 72,000 shares of the company’s stock worth $562,000 after buying an additional 62,000 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Summit Therapeutics during the 2nd quarter worth $121,000. 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.