Summit Therapeutics (NASDAQ:SMMT) Now Covered by Truist Financial

Truist Financial began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage issued a buy rating and a $35.00 price objective on the stock.

A number of other equities research analysts also recently commented on SMMT. JMP Securities initiated coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday, November 18th. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. Stifel Nicolaus upped their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.57.

Summit Therapeutics Stock Up 3.6 %

Shares of SMMT stock opened at $18.82 on Wednesday. The company has a 50 day moving average price of $18.82 and a 200-day moving average price of $16.38. Summit Therapeutics has a 52 week low of $2.10 and a 52 week high of $33.89. The firm has a market capitalization of $13.88 billion, a PE ratio of -67.21 and a beta of -0.87.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMMT. Baker BROS. Advisors LP lifted its holdings in Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares in the last quarter. Cerity Partners LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter valued at $2,178,000. FMR LLC lifted its stake in shares of Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after buying an additional 737,692 shares in the last quarter. Griffin Asset Management Inc. bought a new position in Summit Therapeutics in the 3rd quarter worth $1,484,000. Finally, Millennium Management LLC purchased a new stake in Summit Therapeutics in the 2nd quarter worth $15,154,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.