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 note released on Tuesday,Benzinga reports. The brokerage currently has a $44.00 target price on the stock.

Several other research firms have also commented on SMMT. Stifel Nicolaus lifted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. JMP Securities started coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. Truist Financial initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target for the company. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, Jefferies Financial Group started coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Summit Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Trading Up 16.1 %

Shares of NASDAQ:SMMT opened at $22.10 on Tuesday. The firm has a 50 day simple moving average of $18.48 and a 200-day simple moving average of $17.03. Summit Therapeutics has a twelve month low of $2.10 and a twelve month high of $33.89. The company has a market capitalization of $16.30 billion, a PE ratio of -78.93 and a beta of -0.87.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.02). During the same quarter in the prior year, the business posted ($0.03) EPS. As a group, equities research analysts predict 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 made changes to their positions in the company. CIBC Asset Management Inc lifted its position in Summit Therapeutics by 3.8% in the third quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock valued at $448,000 after purchasing an additional 740 shares during the period. Darwin Wealth Management LLC purchased a new stake in shares of Summit Therapeutics in the third quarter valued at approximately $25,000. Covestor Ltd grew its holdings in 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 period. Brooklyn Investment Group purchased a new position in Summit Therapeutics in the fourth quarter worth $29,000. Finally, World Equity Group Inc. raised its position in Summit Therapeutics by 16.1% in the third quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock worth $325,000 after acquiring an additional 2,063 shares in the last quarter. Hedge funds and other institutional investors 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.