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

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They presently have a $44.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 106.77% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Summit Redstone set a $35.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, March 26th. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Leerink Partnrs raised Summit Therapeutics to a “strong sell” rating in a research note on Wednesday, June 11th. Jefferies Financial Group set a $44.00 price target on Summit Therapeutics and gave the company a “buy” rating in a report on Friday, April 25th. Finally, TD Cowen upgraded Summit Therapeutics to a “strong-buy” rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $34.67.

Summit Therapeutics Stock Up 3.3%

SMMT opened at $21.28 on Tuesday. The business has a fifty day moving average of $23.31 and a 200 day moving average of $21.13. Summit Therapeutics has a 52-week low of $6.78 and a 52-week high of $36.91. The stock has a market cap of $15.80 billion, a P/E ratio of -62.59 and a beta of -1.06.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Equities analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its stake in Summit Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock valued at $116,995,000 after purchasing an additional 1,118,270 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock worth $208,261,000 after purchasing an additional 724,040 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in Summit Therapeutics by 100.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company’s stock worth $24,755,000 after buying an additional 695,843 shares during the last quarter. Siren L.L.C. acquired a new stake in shares of Summit Therapeutics in the first quarter valued at approximately $13,407,000. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Summit Therapeutics in the 1st quarter valued at $10,378,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.