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

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They currently have a $44.00 price objective on the stock. HC Wainwright’s price target indicates a potential upside of 120.00% from the stock’s previous close.

A number of other research analysts have also recently commented on the company. Stifel Nicolaus increased their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. JMP Securities began coverage on Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price for the company. Finally, Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $23.00 in a research note on Friday, September 27th.

Summit Therapeutics Price Performance

SMMT stock opened at $20.00 on Monday. Summit Therapeutics has a 1 year low of $1.89 and a 1 year high of $33.89. The stock has a market cap of $14.75 billion, a price-to-earnings ratio of -67.78 and a beta of -0.92. The company has a 50 day simple moving average of $21.47 and a 200 day simple moving average of $13.25.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds have recently modified their holdings of SMMT. Darwin Wealth Management LLC bought a new position in Summit Therapeutics during the 3rd quarter worth $25,000. Covestor Ltd raised its position in shares of Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares during the last quarter. Fred Alger Management LLC acquired a new position in shares of Summit Therapeutics in the third quarter worth approximately $105,000. Russell Investments Group Ltd. boosted its holdings in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after acquiring an additional 3,579 shares during the last quarter. Finally, Willis Investment Counsel acquired a new stake in Summit Therapeutics during the 3rd quarter valued at approximately $219,000. 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.