Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated by Analysts at The Goldman Sachs Group

Analysts at The Goldman Sachs Group began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $42.00 price target on the stock. The Goldman Sachs Group’s price target points to a potential upside of 127.15% from the stock’s current price.

A number of other research analysts have also commented on the company. Truist Financial initiated coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. 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 for the company. StockNews.com downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday. JMP Securities assumed coverage on Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. Finally, Wells Fargo & Company assumed coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.63.

Summit Therapeutics Stock Up 1.0 %

SMMT stock opened at $18.49 on Friday. The company has a market capitalization of $13.64 billion, a price-to-earnings ratio of -66.03 and a beta of -0.88. Summit Therapeutics has a 12 month low of $2.10 and a 12 month high of $33.89. The firm has a 50 day moving average of $19.93 and a two-hundred day moving average of $19.19.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. On average, research analysts expect that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently bought and sold shares of the business. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter valued at $25,000. Covestor Ltd raised its holdings 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 purchasing an additional 1,190 shares during the period. Brooklyn Investment Group bought a new position in Summit Therapeutics in the fourth quarter valued at approximately $29,000. National Bank of Canada FI bought a new position in Summit Therapeutics in the fourth quarter valued at approximately $30,000. Finally, Steward Partners Investment Advisory LLC boosted its position in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after acquiring an additional 900 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.