Summit Therapeutics Inc. (NASDAQ:SMMT) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) have been given a consensus rating of “Moderate Buy” by the seven ratings firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $33.57.

Several equities research analysts have commented on SMMT shares. Truist Financial started coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price on the stock. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 target price on the stock. Wells Fargo & Company began 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. HC Wainwright reiterated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, January 21st. Finally, JMP Securities began coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective on the stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SMMT. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics in the 3rd quarter valued at about $25,000. Covestor Ltd raised its stake in Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares during the last quarter. Brooklyn Investment Group acquired a new position in Summit Therapeutics in the 4th quarter valued at about $29,000. Fred Alger Management LLC acquired a new position in Summit Therapeutics in the 3rd quarter valued at about $105,000. Finally, Avanza Fonder AB acquired a new position in Summit Therapeutics in the 4th quarter valued at about $115,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $20.78 on Thursday. The firm has a market capitalization of $15.32 billion, a P/E ratio of -74.21 and a beta of -0.88. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89. The company’s fifty day moving average is $19.19 and its two-hundred day moving average is $18.11.

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.