Summit Therapeutics’ (SMMT) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a report issued on Tuesday morning,Benzinga reports. They currently have a $50.00 price target on the stock.

A number of other equities research analysts also recently weighed in on the company. Leerink Partnrs raised Summit Therapeutics to a “strong sell” rating in a research report on Wednesday, June 11th. UBS Group assumed coverage on Summit Therapeutics in a report on Tuesday, July 1st. They set a “buy” rating and a $30.00 price objective on the stock. JMP Securities restated a “market outperform” rating and set a $40.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, September 3rd. Leerink Partners started coverage on Summit Therapeutics in a research report on Wednesday, June 11th. They issued an “underperform” rating and a $12.00 target price for the company. Finally, Piper Sandler assumed coverage on shares of Summit Therapeutics in a research note on Monday, August 18th. They set a “neutral” rating and a $21.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.87.

Summit Therapeutics Trading Up 6.3%

Shares of Summit Therapeutics stock opened at $19.23 on Tuesday. Summit Therapeutics has a 1 year low of $15.55 and a 1 year high of $36.91. The company’s fifty day simple moving average is $25.01 and its 200-day simple moving average is $23.11. The company has a market cap of $14.29 billion, a price-to-earnings ratio of -19.04 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.66). As a group, research analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Mahkam Zanganeh purchased 333,394 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The stock was purchased at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the acquisition, the chief executive officer directly owned 556,088,090 shares of the company’s stock, valued at approximately $9,831,637,431.20. This trade represents a 0.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert W. Duggan purchased 333,394 shares of Summit Therapeutics stock in a transaction on Wednesday, September 10th. The stock was purchased at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the transaction, the chief executive officer owned 556,088,090 shares of the company’s stock, valued at approximately $9,831,637,431.20. This represents a 0.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 676,788 shares of company stock valued at $11,969,512. Company insiders own 84.90% of the company’s stock.

Institutional Trading of Summit Therapeutics

Several hedge funds have recently modified their holdings of the company. Ball & Co Wealth Management Inc. bought a new stake in Summit Therapeutics during the 2nd quarter worth approximately $31,000. Golden State Wealth Management LLC raised its position in Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock valued at $29,000 after purchasing an additional 751 shares during the last quarter. CWM LLC boosted its stake in Summit Therapeutics by 3,455.3% in the first quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after purchasing an additional 1,624 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in shares of Summit Therapeutics by 34.1% during the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after purchasing an additional 447 shares during the last quarter. Finally, AlphaQuest LLC acquired a new stake in shares of Summit Therapeutics in the first quarter valued at $49,000. Institutional investors and hedge funds 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.