Summit Therapeutics’ (SMMT) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a report issued on Tuesday,Benzinga reports. The firm currently has a $44.00 target price on the stock.

SMMT has been the subject of several other research reports. UBS Group began coverage on Summit Therapeutics in a research note on Tuesday. They set a “buy” rating and a $30.00 price target for the company. Wall Street Zen upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, June 29th. Evercore ISI assumed coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 target price on the stock. Jefferies Financial Group set a $44.00 price target on shares of Summit Therapeutics and gave the stock a “buy” rating in a research note on Friday, April 25th. Finally, JMP Securities restated a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Monday, June 2nd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $34.67.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $24.35 on Tuesday. The firm’s fifty day moving average is $22.73 and its two-hundred day moving average is $21.18. Summit Therapeutics has a one year low of $6.90 and a one year high of $36.91. The firm has a market cap of $18.08 billion, a PE ratio of -71.60 and a beta of -1.01.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Research analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN increased its stake in Summit Therapeutics by 79.2% in the 4th quarter. Wells Fargo & Company MN now owns 95,265 shares of the company’s stock valued at $1,700,000 after purchasing an additional 42,090 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Summit Therapeutics by 252.8% in the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock valued at $3,661,000 after purchasing an additional 147,003 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Summit Therapeutics by 358.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company’s stock valued at $3,664,000 after purchasing an additional 160,592 shares during the last quarter. Bank of America Corp DE increased its position in shares of Summit Therapeutics by 10.5% in the fourth quarter. Bank of America Corp DE now owns 431,568 shares of the company’s stock valued at $7,701,000 after buying an additional 40,908 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock worth $208,261,000 after buying an additional 724,040 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.