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

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research report issued to clients and investors 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 87.07% from the stock’s current price.

A number of other research firms also recently commented on SMMT. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $19.00 to $23.00 in a report on Friday, September 27th. JMP Securities started coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective on the stock. Wells Fargo & Company started coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. Jefferies Financial Group started coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. Finally, Stifel Nicolaus increased their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Trading Up 6.4 %

NASDAQ SMMT opened at $23.52 on Tuesday. The business’s 50-day moving average price is $18.51 and its 200 day moving average price is $17.14. Summit Therapeutics has a twelve month low of $2.10 and a twelve month high of $33.89. The company has a market capitalization of $17.34 billion, a PE ratio of -84.00 and a beta of -0.87.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Wednesday, October 30th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). During the same period in the previous year, the firm posted ($0.03) earnings per share. Equities analysts predict that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Trading of Summit Therapeutics

Hedge funds have recently made changes to their positions in the stock. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics in the 3rd quarter worth approximately $25,000. Covestor Ltd raised its stake in Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after acquiring an additional 1,190 shares in the last quarter. Brooklyn Investment Group bought a new stake in Summit Therapeutics during the 4th quarter valued at $29,000. Fred Alger Management LLC bought a new stake in Summit Therapeutics during the 3rd quarter valued at $105,000. Finally, Avanza Fonder AB bought a new stake in Summit Therapeutics during the 4th quarter valued at $115,000. 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.