Summit Therapeutics (NASDAQ:SMMT) Now Covered by Analysts at Wells Fargo & Company

Investment analysts at Wells Fargo & Company initiated coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report issued to clients and investors on Wednesday. The brokerage set an “overweight” rating and a $30.00 price target on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 66.94% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective on the stock. Stifel Nicolaus increased their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. JMP Securities began coverage on Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $33.33.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $17.97 on Wednesday. Summit Therapeutics has a one year low of $2.05 and a one year high of $33.89. The business’s 50 day simple moving average is $19.71 and its two-hundred day simple moving average is $14.73. The stock has a market capitalization of $13.25 billion, a P/E ratio of -64.18 and a beta of -0.92.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Baker BROS. Advisors LP lifted its holdings in Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after buying an additional 1,202,643 shares during the period. FMR LLC lifted its stake in shares of Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after purchasing an additional 737,692 shares during the period. Geode Capital Management LLC lifted its stake in shares of Summit Therapeutics by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock valued at $67,899,000 after purchasing an additional 135,981 shares during the period. Millennium Management LLC bought a new stake in shares of Summit Therapeutics during the second quarter valued at approximately $15,154,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after purchasing an additional 497,984 shares during the period. Hedge funds and other 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.