Summit Therapeutics (NASDAQ:SMMT) Earns Outperform Rating from Analysts at Evercore ISI

Evercore ISI assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a report published on Wednesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $30.00 price target on the stock.

Other research analysts have also issued reports about the company. Jefferies Financial Group assumed coverage on Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Truist Financial assumed coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price on the stock. Wells Fargo & Company assumed coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. Finally, The Goldman Sachs Group assumed coverage on Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.11.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $19.91 on Wednesday. The firm has a market capitalization of $14.69 billion, a price-to-earnings ratio of -71.10 and a beta of -1.03. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89. The stock’s fifty day moving average is $20.05 and its 200-day moving average is $19.67.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. Analysts forecast that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Darwin Wealth Management LLC acquired a new stake in Summit Therapeutics during the 3rd quarter worth about $25,000. Covestor Ltd raised its holdings in Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after buying an additional 1,190 shares during the period. Brooklyn Investment Group purchased a new position in Summit Therapeutics during the 4th quarter valued at about $29,000. National Bank of Canada FI purchased a new position in Summit Therapeutics during the 4th quarter valued at about $30,000. Finally, Steward Partners Investment Advisory LLC grew its stake in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after acquiring an additional 900 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.