HC Wainwright Reiterates Buy Rating for Summit Therapeutics (NASDAQ:SMMT)

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a report issued on Friday, Benzinga reports. They presently have a $45.00 price objective on the stock. HC Wainwright’s target price suggests a potential upside of 135.73% from the stock’s previous close.

SMMT has been the subject of a number of other research reports. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price objective for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Stifel Nicolaus increased their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th.

Summit Therapeutics Stock Up 2.6 %

Summit Therapeutics stock opened at $19.09 on Friday. The business has a 50 day moving average price of $16.32 and a two-hundred day moving average price of $9.61. Summit Therapeutics has a 12 month low of $1.64 and a 12 month high of $33.89. The stock has a market cap of $13.83 billion, a price-to-earnings ratio of -119.31 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. On average, analysts expect that Summit Therapeutics will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Sectoral Asset Management Inc. lifted its holdings in Summit Therapeutics by 50.0% during the 4th quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock valued at $78,000 after purchasing an additional 10,000 shares during the last quarter. Wealth Management Partners LLC raised its stake in shares of Summit Therapeutics by 193.3% in the first quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock valued at $182,000 after acquiring an additional 29,000 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Summit Therapeutics by 66.3% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock worth $558,000 after acquiring an additional 53,774 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Summit Therapeutics by 131.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after acquiring an additional 22,977 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.