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

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “neutral” rating restated by investment analysts at HC Wainwright in a research note issued to investors on Wednesday, Benzinga reports.

Other equities analysts also recently issued research reports about the company. Sanford C. Bernstein upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and lifted their price target for the company from $9.80 to $11.90 in a research note on Tuesday, August 25th. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Tuesday. Stifel Nicolaus dropped their target price on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 24th. Summit Redstone set a $25.00 target price on Summit Therapeutics in a research report on Wednesday, September 9th. Finally, KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Summit Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $25.91.

Summit Therapeutics Trading Up 1.3%

SMMT opened at $17.12 on Wednesday. Summit Therapeutics has a 1-year low of $12.07 and a 1-year high of $29.23. The company has a market cap of $13.66 billion, a price-to-earnings ratio of -15.29 and a beta of -1.24. The company’s fifty day moving average price is $14.78 and its two-hundred day moving average price is $16.31.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). As a group, equities analysts forecast that Summit Therapeutics will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors have recently modified their holdings of the business. Ball & Co Wealth Management Inc. bought a new stake in shares of Summit Therapeutics in the 1st quarter worth approximately $28,000. Parallel Advisors LLC increased its position in Summit Therapeutics by 4,178.0% in the first quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after buying an additional 2,089 shares during the last quarter. Fifth Third Bancorp increased its position in Summit Therapeutics by 24.4% in the first quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock worth $71,000 after buying an additional 732 shares during the last quarter. Osterweis Capital Management Inc. bought a new stake in shares of Summit Therapeutics in the second quarter valued at $73,000. Finally, Havemeyer Place LP purchased a new position in shares of Summit Therapeutics during the 4th quarter valued at $109,000. 4.61% of the stock is owned by institutional investors.

About Summit Therapeutics

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for the treatment of cancer. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition against PD-1 with selective inhibition of vascular endothelial growth factor A (VEGF-A). Summit is evaluating ivonescimab in clinical studies involving patients with non-small cell lung cancer and other solid tumors.

Summit has entered into a licensing and collaboration agreement with Akeso, a biotechnology company that discovered and developed ivonescimab.