Brokerages Set Summit Therapeutics PLC (NASDAQ:SMMT) Target Price at $32.25

Summit Therapeutics PLC (NASDAQ:SMMT) has been assigned a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $32.25.

Several brokerages have issued reports on SMMT. Summit Redstone set a $18.00 price target on shares of Summit Therapeutics in a report on Wednesday, December 17th. Citigroup reaffirmed a “buy” rating on shares of Summit Therapeutics in a report on Tuesday, February 24th. Citizens Jmp reiterated a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Friday, January 30th. Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday. Finally, Piper Sandler set a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, January 14th.

Summit Therapeutics Trading Up 1.1%

Shares of NASDAQ:SMMT opened at $15.11 on Friday. Summit Therapeutics has a 1-year low of $13.83 and a 1-year high of $36.91. The firm has a market capitalization of $11.72 billion, a PE ratio of -10.42 and a beta of -1.43. The business’s 50 day moving average is $16.23 and its 200-day moving average is $18.50.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Monday, February 23rd. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). On average, sell-side analysts predict that Summit Therapeutics will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds have recently modified their holdings of SMMT. Farther Finance Advisors LLC bought a new stake in Summit Therapeutics in the third quarter valued at $1,141,000. Vanguard Group Inc. lifted its holdings in shares of Summit Therapeutics by 31.2% during the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after acquiring an additional 2,706,056 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Summit Therapeutics by 774.5% during the second quarter. New York State Common Retirement Fund now owns 256,890 shares of the company’s stock valued at $5,467,000 after acquiring an additional 227,513 shares during the period. APEIRON CAPITAL Ltd boosted its stake in shares of Summit Therapeutics by 9.2% in the 3rd quarter. APEIRON CAPITAL Ltd now owns 1,310,941 shares of the company’s stock valued at $27,084,000 after purchasing an additional 110,000 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth about $29,576,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.