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

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating reaffirmed by equities researchers 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 price objective would indicate a potential upside of 133.55% from the stock’s current price.

SMMT has been the topic of several other reports. Truist Financial began coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target on the stock. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price target on the stock. Finally, JMP Securities initiated coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.57.

Summit Therapeutics Price Performance

Shares of SMMT opened at $18.84 on Tuesday. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89. The company has a market capitalization of $13.89 billion, a P/E ratio of -67.28 and a beta of -0.88. The firm’s 50 day simple moving average is $19.91 and its 200 day simple moving average is $19.15.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). On average, equities analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics in the third quarter worth about $25,000. Covestor Ltd grew its position in shares of Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after buying an additional 1,190 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $29,000. National Bank of Canada FI bought a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $30,000. Finally, Steward Partners Investment Advisory LLC lifted its stake in Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after acquiring an additional 900 shares during the period. 4.61% of the stock is currently owned by institutional investors.

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.