Summit Therapeutics (NASDAQ:SMMT) Stock Rating Reaffirmed by HC Wainwright

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a note issued to investors on Friday, Benzinga reports. They presently have a $45.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 135.73% from the company’s previous close.

SMMT has been the topic of a number of other reports. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their target price for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Stifel Nicolaus raised their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th.

Summit Therapeutics Price Performance

SMMT opened at $19.09 on Friday. The company’s 50 day simple moving average is $16.32 and its 200-day simple moving average is $9.61. Summit Therapeutics has a one year low of $1.64 and a one year high of $33.89. The stock has a market capitalization of $13.83 billion, a P/E ratio of -119.31 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. As a group, analysts anticipate that Summit Therapeutics will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors have recently modified their holdings of the stock. Hoylecohen LLC raised its position in shares of Summit Therapeutics by 2.4% in the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after acquiring an additional 2,000 shares during the period. Russell Investments Group Ltd. raised its holdings in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after purchasing an additional 3,579 shares during the period. Virtu Financial LLC boosted its position in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after purchasing an additional 3,846 shares in the last quarter. Alpine Global Management LLC grew its holdings in shares of Summit Therapeutics by 16.7% in the 1st quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock valued at $145,000 after buying an additional 5,000 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Summit Therapeutics by 18.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock valued at $138,000 after buying an additional 5,139 shares in 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.