HC Wainwright Reiterates Buy Rating for Summit Therapeutics (NASDAQ:SMMT)

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $44.00 price objective on the stock. HC Wainwright’s price objective would suggest a potential upside of 140.44% from the stock’s current price.

A number of other analysts have also commented on SMMT. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price target for the company. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price on the stock. Truist Financial initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price for the company. Finally, JMP Securities began coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Trading Up 1.0 %

SMMT stock opened at $18.30 on Tuesday. The stock’s 50 day simple moving average is $19.93 and its 200 day simple moving average is $19.19. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $33.89. The stock has a market capitalization of $13.50 billion, a PE ratio of -65.35 and a beta of -0.88.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. On average, research analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Darwin Wealth Management LLC purchased a new position in Summit Therapeutics during the third quarter valued at $25,000. Covestor Ltd lifted its position in shares of Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares in the last quarter. Brooklyn Investment Group bought a new position in shares of Summit Therapeutics during the 4th quarter valued at approximately $29,000. National Bank of Canada FI bought a new position in shares of Summit Therapeutics during the 4th quarter valued at approximately $30,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after acquiring an additional 900 shares in the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

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.