Summit Therapeutics (NASDAQ:SMMT) Price Target Cut to $30.00 by Analysts at HC Wainwright

Summit Therapeutics (NASDAQ:SMMT) had its price target lowered by HC Wainwright from $40.00 to $30.00 in a research note issued to investors on Tuesday, Marketbeat reports. The firm currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on SMMT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Thursday, January 22nd. Piper Sandler set a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, January 14th. Summit Redstone set a $18.00 price target on shares of Summit Therapeutics in a report on Wednesday, December 17th. Citizens Jmp restated a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a report on Friday, January 30th. Finally, Wolfe Research assumed coverage on shares of Summit Therapeutics in a research note on Tuesday, November 18th. They set a “peer perform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.25.

Summit Therapeutics Stock Up 0.2%

NASDAQ:SMMT opened at $16.12 on Tuesday. Summit Therapeutics has a 52 week low of $13.83 and a 52 week high of $36.91. The company has a fifty day simple moving average of $16.59 and a two-hundred day simple moving average of $19.11. The company has a market cap of $12.43 billion, a price-to-earnings ratio of -11.12 and a beta of -1.44.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). On average, analysts expect that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SMMT. Baker BROS. Advisors LP lifted its position in Summit Therapeutics by 7.9% in the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after acquiring an additional 2,668,089 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Summit Therapeutics by 31.2% during the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after purchasing an additional 2,706,056 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Summit Therapeutics by 106.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after purchasing an additional 4,832,592 shares in the last quarter. State Street Corp increased its position in shares of Summit Therapeutics by 4.3% during the fourth quarter. State Street Corp now owns 6,636,361 shares of the company’s stock worth $116,070,000 after purchasing an additional 274,425 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Summit Therapeutics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock valued at $55,063,000 after purchasing an additional 14,745 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Summit Therapeutics

Here are the key news stories impacting Summit Therapeutics this week:

• Positive Sentiment: Pipeline/regulatory progress — Summit reported advancement of ivonescimab with a BLA filing and multiple late‑stage cancer trials underway, which supports the company’s long‑term value proposition. Read More. Read More.
• Neutral Sentiment: Analyst action — HC Wainwright cut its price target from $40 to $30 but kept a “Buy” rating, which signals continued analyst confidence in the program-level upside even as near-term assumptions were revised. Read More.
• Negative Sentiment: Earnings miss and higher losses — Summit reported Q4 EPS of ($0.29) vs. consensus ($0.22), driven by a surge in R&D spending; the wider-than-expected loss is pressuring near‑term fundamentals and contributed to negative headlines. Read More. Read More.
• Negative Sentiment: Market reaction & trading signals — News outlets reported share weakness after the earnings miss, and unusual options activity showed a large spike in put purchases (8,383 puts, a ~144% rise vs. average), indicating some traders are hedging or betting on further downside. Read More.

About Summit Therapeutics

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.