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

Wells Fargo & Company assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a report issued on Wednesday, Marketbeat.com reports. The firm issued an overweight rating and a $30.00 price target on the stock.

A number of other research firms have also recently weighed in on SMMT. Stifel Nicolaus boosted their price objective 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. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Jefferies Financial Group started coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Monday, November 18th. Finally, 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 objective for the company. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.33.

Summit Therapeutics Price Performance

NASDAQ:SMMT opened at $18.77 on Wednesday. The firm has a market capitalization of $13.84 billion, a price-to-earnings ratio of -67.04 and a beta of -0.92. The business has a 50 day simple moving average of $19.66 and a 200-day simple moving average of $14.86. Summit Therapeutics has a 1 year low of $2.06 and a 1 year high of $33.89.

Institutional Trading of Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. CIBC Asset Management Inc increased its holdings in Summit Therapeutics by 3.8% during the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock worth $448,000 after purchasing an additional 740 shares during the period. Darwin Wealth Management LLC purchased a new stake in shares of Summit Therapeutics in the 3rd quarter worth $25,000. Covestor Ltd grew its position in shares of 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 in the last quarter. Hoylecohen LLC increased its stake in shares of Summit Therapeutics by 2.4% during the second quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after buying an additional 2,000 shares during the period. Finally, World Equity Group Inc. raised its holdings in shares of Summit Therapeutics by 16.1% in the third quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock valued at $325,000 after acquiring an additional 2,063 shares in the last quarter. Institutional investors 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.