Summit Therapeutics (NASDAQ:SMMT) Now Covered by Analysts at The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report released on Friday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $42.00 target price on the stock.

A number of other analysts have also commented on the company. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday. Jefferies Financial Group initiated coverage on Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. StockNews.com lowered Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Truist Financial initiated coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Summit Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $34.63.

Summit Therapeutics Trading Up 11.9 %

SMMT stock opened at $20.69 on Friday. The stock has a 50-day moving average price of $19.99 and a 200-day moving average price of $19.25. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89. The firm has a market cap of $15.26 billion, a PE ratio of -73.89 and a beta of -0.88.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $0.20 million during the quarter. On average, analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics during the 3rd quarter valued at about $25,000. Covestor Ltd boosted its stake in shares of Summit Therapeutics by 2,767.4% in 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 last quarter. Brooklyn Investment Group purchased a new position in shares of Summit Therapeutics in the 4th quarter worth approximately $29,000. National Bank of Canada FI purchased a new position in shares of Summit Therapeutics in the 4th quarter worth approximately $30,000. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after buying an additional 900 shares during 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.