Summit Therapeutics (NASDAQ:SMMT) Research Coverage Started at JMP Securities

JMP Securities assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report report published on Monday, Marketbeat reports. The firm issued a market outperform rating and a $32.00 price target on the stock.

Other analysts also recently issued research reports about the company. Stifel Nicolaus lifted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Finally, HC Wainwright decreased their target price on shares of Summit Therapeutics from $45.00 to $44.00 and set a “buy” rating for the company in a research report on Thursday, October 31st.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $20.89 on Monday. The firm has a market capitalization of $15.41 billion, a P/E ratio of -74.60 and a beta of -0.92. The company has a 50-day simple moving average of $20.39 and a 200-day simple moving average of $12.27. Summit Therapeutics has a one year low of $1.64 and a one year high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. As a group, sell-side analysts forecast that Summit Therapeutics will post -0.27 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Covestor Ltd raised its position in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Summit Therapeutics by 142.2% in the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after purchasing an additional 3,579 shares in the last quarter. Willis Investment Counsel acquired a new stake in Summit Therapeutics during the third quarter valued at approximately $219,000. Fullcircle Wealth LLC bought a new stake in Summit Therapeutics during the second quarter worth approximately $95,000. Finally, Aigen Investment Management LP acquired a new position in Summit Therapeutics in the third quarter worth approximately $306,000. 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.