Summit Therapeutics (NASDAQ:SMMT) Earns Buy Rating from HC Wainwright

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They presently have a $44.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 94.52% from the stock’s previous close.

A number of other brokerages have also recently issued reports on SMMT. Wall Street Zen raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Leerink Partnrs raised shares of Summit Therapeutics to a “strong sell” rating in a research report on Wednesday, June 11th. Evercore ISI assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 target price for the company. Finally, Leerink Partners began coverage on shares of Summit Therapeutics in a research report on Wednesday, June 11th. They issued an “underperform” rating and a $12.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $34.67.

Summit Therapeutics Price Performance

NASDAQ:SMMT opened at $22.62 on Tuesday. Summit Therapeutics has a one year low of $6.78 and a one year high of $36.91. The company has a market cap of $16.80 billion, a P/E ratio of -66.53 and a beta of -1.01. The firm’s fifty day moving average price is $22.97 and its two-hundred day moving average price is $21.14.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. As a group, equities research analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SMMT. Rhumbline Advisers lifted its holdings in shares of Summit Therapeutics by 4.5% in the fourth quarter. Rhumbline Advisers now owns 125,202 shares of the company’s stock worth $2,234,000 after acquiring an additional 5,394 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Summit Therapeutics by 252.8% in the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock worth $3,661,000 after acquiring an additional 147,003 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Summit Therapeutics by 18.6% in the fourth quarter. New York State Common Retirement Fund now owns 29,377 shares of the company’s stock worth $524,000 after acquiring an additional 4,600 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Summit Therapeutics by 33.7% in the fourth quarter. Bank of New York Mellon Corp now owns 333,510 shares of the company’s stock worth $5,951,000 after acquiring an additional 84,117 shares during the last quarter. Finally, New York Life Investment Management LLC bought a new position in shares of Summit Therapeutics in the fourth quarter worth about $201,000. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.