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

HC Wainwright reiterated their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report released on Monday morning,Benzinga reports. They currently have a $40.00 target price on the stock.

Several other analysts have also recently issued reports on the company. Citigroup reissued a “market outperform” rating on shares of Summit Therapeutics in a research note on Friday. Barclays upgraded Summit Therapeutics from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $16.00 to $18.00 in a research report on Wednesday, December 17th. JMP Securities reissued a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a research note on Monday, October 20th. Guggenheim reaffirmed a “buy” rating and issued a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.62.

Summit Therapeutics Stock Down 2.9%

Shares of NASDAQ SMMT opened at $14.06 on Monday. The firm’s fifty day moving average is $17.42 and its 200 day moving average is $20.50. Summit Therapeutics has a 52 week low of $14.03 and a 52 week high of $36.91. The company has a market cap of $10.84 billion, a price-to-earnings ratio of -11.34 and a beta of -1.44.

Institutional Trading of Summit Therapeutics

A number of hedge funds have recently modified their holdings of SMMT. Vanguard Group Inc. increased its stake in shares of Summit Therapeutics by 31.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after acquiring an additional 2,706,056 shares in the last quarter. Norges Bank purchased a new stake in Summit Therapeutics in the second quarter worth about $29,576,000. APEIRON CAPITAL Ltd increased its stake in shares of Summit Therapeutics by 9.2% during the third quarter. APEIRON CAPITAL Ltd now owns 1,310,941 shares of the company’s stock valued at $27,084,000 after purchasing an additional 110,000 shares in the last quarter. Fiera Capital Corp purchased a new position in shares of Summit Therapeutics during the second quarter valued at approximately $16,659,000. Finally, Bank of America Corp DE boosted its position in shares of Summit Therapeutics by 16.1% in the 3rd quarter. Bank of America Corp DE now owns 657,313 shares of the company’s stock worth $13,580,000 after purchasing an additional 91,166 shares in the last quarter. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.