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

HC Wainwright reaffirmed their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note published on Wednesday morning, Benzinga reports. HC Wainwright currently has a $16.00 price target on the stock.

Several other research analysts have also issued reports on SMMT. Stifel Nicolaus increased their price target on Summit Therapeutics from $8.00 to $14.00 and gave the stock a buy rating in a report on Monday, June 3rd. Citigroup lifted their price target on shares of Summit Therapeutics from $7.00 to $13.00 and gave the company a buy rating in a research report on Friday, May 31st.

Summit Therapeutics Stock Down 3.3 %

Summit Therapeutics stock opened at $13.08 on Wednesday. The company has a market capitalization of $9.18 billion, a PE ratio of -81.75 and a beta of -0.97. Summit Therapeutics has a 12-month low of $1.52 and a 12-month high of $14.25. The firm’s fifty day moving average is $9.59 and its 200 day moving average is $6.41.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Summit Therapeutics by 131.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after acquiring an additional 22,977 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Summit Therapeutics by 3.6% during the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after purchasing an additional 254,261 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in 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 worth $138,000 after purchasing an additional 5,139 shares in the last quarter. Virtu Financial LLC grew its position in Summit Therapeutics by 23.3% in the 1st 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. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Summit Therapeutics by 55.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,727 shares of the company’s stock valued at $104,000 after buying an additional 14,098 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.