On May 22, 2026, Bernstein initiated coverage of Summit Therapeutics (NasdaqGM:SMMT) with a rating of **Underperform**. The average one-year price target for the company is projected at $30.16 per share, indicating a potential upside of 72.66% from its most recent closing price of $17.47 per share, with estimates ranging from a low of $12.12 to a high of $47.25.
Summit Therapeutics is projected to generate annual revenue of $10 million, while the anticipated non-GAAP EPS stands at -0.42. Institutional ownership has decreased by 32.48% in the last quarter, with 237 funds holding positions in the company. Total shares owned by institutions rose by 6.34% to approximately 130.92 million shares. The current put/call ratio for SMMT is 0.47, suggesting a bullish sentiment among investors.
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