Brokerages Set Summit Therapeutics PLC (NASDAQ:SMMT) PT at $29.83

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have earned an average recommendation of “Moderate Buy” from the seventeen analysts that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $29.8333.

SMMT has been the topic of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Thursday, January 22nd. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Citigroup reiterated a “buy” rating on shares of Summit Therapeutics in a research report on Tuesday, February 24th. Barclays raised shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $16.00 to $18.00 in a report on Wednesday, December 17th. Finally, HC Wainwright reduced their price objective on shares of Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in SMMT. Hsbc Holdings PLC acquired a new stake in shares of Summit Therapeutics in the fourth quarter worth approximately $1,723,000. T. Rowe Price Investment Management Inc. raised its stake in Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after purchasing an additional 1,805 shares during the last quarter. Invesco Ltd. lifted its holdings in Summit Therapeutics by 8.3% in the 4th quarter. Invesco Ltd. now owns 461,301 shares of the company’s stock valued at $8,068,000 after purchasing an additional 35,226 shares in the last quarter. Beacon Pointe Advisors LLC lifted its holdings in Summit Therapeutics by 10.9% in the 4th quarter. Beacon Pointe Advisors LLC now owns 39,611 shares of the company’s stock valued at $693,000 after purchasing an additional 3,885 shares in the last quarter. Finally, Virtus Investment Advisers LLC boosted its stake in Summit Therapeutics by 168.3% during the 4th quarter. Virtus Investment Advisers LLC now owns 15,141 shares of the company’s stock worth $265,000 after purchasing an additional 9,497 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $19.38 on Tuesday. The company has a market capitalization of $15.03 billion, a PE ratio of -13.37 and a beta of -1.36. The company’s fifty day moving average price is $15.85 and its 200 day moving average price is $17.71. Summit Therapeutics has a 1 year low of $13.83 and a 1 year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). On average, equities analysts expect that Summit Therapeutics will post -0.3 EPS for the current year.

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.