Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report report published on Friday, Marketbeat.com reports. The firm issued an overweight rating on the stock.

Several other analysts also recently issued reports on SMMT. Truist Financial started coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective on the stock. Wells Fargo & Company started coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective on the stock. Jefferies Financial Group started coverage on Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective on the stock. StockNews.com upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Finally, The Goldman Sachs Group began coverage on Summit Therapeutics in a research note on Friday, February 28th. They issued a “buy” rating and a $42.00 target price for the company. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.11.

Summit Therapeutics Stock Performance

SMMT opened at $19.75 on Friday. The business’s fifty day moving average is $20.28 and its two-hundred day moving average is $19.96. The company has a market cap of $14.57 billion, a price-to-earnings ratio of -70.53 and a beta of -1.04. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89.

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

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baker BROS. Advisors LP increased its stake 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 worth $534,905,000 after acquiring an additional 1,202,643 shares during the last quarter. Vanguard Group Inc. increased its stake in Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock worth $208,261,000 after acquiring an additional 724,040 shares during the last quarter. FMR LLC increased its stake in Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after acquiring an additional 737,692 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock worth $116,995,000 after acquiring an additional 1,118,270 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock worth $57,133,000 after acquiring an additional 101,039 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.