Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated by Analysts at Truist Financial

Truist Financial started coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a report released on Wednesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $35.00 price objective on the stock.

Several other analysts have also recently weighed in on the company. Citigroup cut Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Stifel Nicolaus lifted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. HC Wainwright reiterated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective for the company. Finally, JMP Securities assumed 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 on the stock. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Summit Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Trading Up 3.6 %

NASDAQ:SMMT 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. The stock has a market cap of $13.88 billion, a price-to-earnings ratio of -67.21 and a beta of -0.87. Summit Therapeutics has a 12 month low of $2.10 and a 12 month high of $33.89.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds have recently bought and sold shares of SMMT. Baker BROS. Advisors LP increased its stake in Summit Therapeutics by 5.2% during the 3rd 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 purchased a new stake in shares of Summit Therapeutics during the third quarter valued at approximately $2,178,000. FMR LLC increased its position in shares of Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after acquiring an additional 737,692 shares in the last quarter. Griffin Asset Management Inc. purchased a new position in Summit Therapeutics in the 3rd quarter worth approximately $1,484,000. Finally, Millennium Management LLC bought a new position in Summit Therapeutics in the 2nd quarter valued at approximately $15,154,000. Institutional investors own 4.61% of the company’s stock.

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.