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 note issued to investors on Friday,Benzinga reports. They currently have a $44.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 64.86% from the stock’s previous close.

A number of other research analysts also recently commented on the company. The Goldman Sachs Group increased their target price on Summit Therapeutics from $37.00 to $41.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Wall Street Zen upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, June 29th. Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the company a “buy” rating in a research report on Friday, April 25th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Finally, Leerink Partners started coverage on Summit Therapeutics in a report on Wednesday, June 11th. They set an “underperform” rating and a $12.00 price target on the stock. Three research analysts have rated the stock with a sell rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Summit Therapeutics Price Performance

SMMT stock opened at $26.69 on Friday. The company has a market capitalization of $19.83 billion, a price-to-earnings ratio of -26.43 and a beta of -1.06. Summit Therapeutics has a 1-year low of $11.29 and a 1-year high of $36.91. The business has a 50 day simple moving average of $24.49 and a two-hundred day simple moving average of $22.76.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.66). Sell-side analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN increased its stake in shares of Summit Therapeutics by 79.2% during the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company’s stock valued at $1,700,000 after buying an additional 42,090 shares during the period. Invesco Ltd. increased its stake in shares of Summit Therapeutics by 435.7% during the fourth quarter. Invesco Ltd. now owns 399,050 shares of the company’s stock valued at $7,121,000 after buying an additional 324,555 shares during the period. Summit Investment Advisors Inc. increased its stake in shares of Summit Therapeutics by 12.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company’s stock valued at $172,000 after buying an additional 1,044 shares during the period. Barclays PLC increased its stake in shares of Summit Therapeutics by 32.0% during the fourth quarter. Barclays PLC now owns 330,146 shares of the company’s stock valued at $5,891,000 after buying an additional 80,028 shares during the period. Finally, Guggenheim Capital LLC purchased a new position in shares of Summit Therapeutics during the fourth quarter valued at $765,000. Hedge funds and other 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.