Summit Therapeutics PLC (NASDAQ:SMMT) Stock Has Consensus Target Price of $28.61

Summit Therapeutics PLC (NASDAQ:SMMT) has received an average rating of “Moderate Buy” from the nineteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, ten have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $28.61.

Several analysts have issued reports on SMMT shares. Wall Street Zen raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, September 5th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Summit Therapeutics in a research report on Monday, October 5th. Jefferies Financial Group reissued a “buy” rating and set a $30.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, September 29th. Citigroup restated a “buy” rating and set a $43.00 price objective (up from $40.00) on shares of Summit Therapeutics in a research report on Friday, September 25th. Finally, Summit Redstone set a $25.00 target price on Summit Therapeutics in a research note on Wednesday, September 9th.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors have recently made changes to their positions in SMMT. BlackRock Inc. acquired a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $138,838,000. Bank of America Corp DE acquired a new position in shares of Summit Therapeutics in the second quarter valued at approximately $12,603,000. The Manufacturers Life Insurance Company raised its position in shares of Summit Therapeutics by 34.4% in the first quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company’s stock valued at $11,240,000 after buying an additional 151,857 shares during the last quarter. Elmind Capital LP acquired a new position in shares of Summit Therapeutics in the second quarter valued at approximately $7,194,957. Finally, Wellington Management Group LLP lifted its stake in shares of Summit Therapeutics by 21.8% during the second quarter. Wellington Management Group LLP now owns 441,934 shares of the company’s stock valued at $6,439,000 after buying an additional 79,076 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Trading Down 0.5%

Shares of NASDAQ SMMT opened at $15.47 on Friday. Summit Therapeutics has a 52 week low of $12.07 and a 52 week high of $29.23. The firm has a 50-day moving average price of $15.87 and a 200 day moving average price of $16.26.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Analysts anticipate that Summit Therapeutics will post -1.20 EPS for the current fiscal year.

Summit Therapeutics Company Profile

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.