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

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have earned a consensus recommendation of “Moderate Buy” from the nineteen research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $28.61.

Several equities research analysts recently commented on SMMT shares. Summit Redstone set a $25.00 price target on shares of Summit Therapeutics in a report on Wednesday, September 9th. Leerink Partners raised shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $12.00 to $13.00 in a report on Wednesday, August 12th. Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 target price on shares of Summit Therapeutics in a research report on Tuesday, September 29th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Tuesday, September 22nd. Finally, UBS Group reissued a “neutral” rating on shares of Summit Therapeutics in a research note on Wednesday, September 23rd.

Summit Therapeutics Price Performance

Shares of SMMT stock opened at $14.63 on Friday. The company has a market cap of $11.70 billion, a price-to-earnings ratio of -13.06 and a beta of -1.51. The stock has a 50 day simple moving average of $15.75 and a 200-day simple moving average of $16.37. Summit Therapeutics has a 1-year low of $12.07 and a 1-year high of $29.23.

Summit Therapeutics (NASDAQ:SMMT) last announced 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 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Summit Therapeutics in the 2nd quarter worth about $138,838,000. Bank of America Corp DE purchased a new stake in Summit Therapeutics during the 2nd quarter worth approximately $12,603,000. Elmind Capital LP purchased a new stake in Summit Therapeutics during the 2nd quarter worth approximately $7,194,957. Bank of New York Mellon Corp acquired a new position in shares of Summit Therapeutics during the second quarter valued at approximately $6,284,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Summit Therapeutics during the second quarter valued at approximately $4,342,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

About Summit Therapeutics

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition targeting PD-1 with anti-angiogenic activity targeting VEGF. Summit is evaluating ivonescimab in clinical studies for multiple solid tumors, including non-small cell lung cancer.

Summit obtained exclusive rights from Akeso, Inc to develop and commercialize ivonescimab in markets outside China, including the United States and other international territories.