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

HC Wainwright reiterated their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report report published on Tuesday, Benzinga reports. The firm currently has a $16.00 target price on the stock.

Several other research firms have also recently issued reports on SMMT. Stifel Nicolaus raised their price objective 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 target price on Summit Therapeutics from $7.00 to $13.00 and gave the company a buy rating in a report on Friday, May 31st.

Summit Therapeutics Stock Down 1.8 %

SMMT stock opened at $12.27 on Tuesday. Summit Therapeutics has a 52-week low of $1.52 and a 52-week high of $14.25. The stock’s fifty day simple moving average is $10.58 and its 200-day simple moving average is $6.97. The stock has a market capitalization of $8.89 billion, a price-to-earnings ratio of -76.69 and a beta of -0.99.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC raised its position in Summit Therapeutics by 37.9% in the second quarter. Susquehanna Fundamental Investments LLC now owns 67,378 shares of the company’s stock valued at $526,000 after purchasing an additional 18,501 shares during the period. The Manufacturers Life Insurance Company raised its position in Summit Therapeutics by 167.2% in the second quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock valued at $1,607,000 after purchasing an additional 128,934 shares during the period. Millennium Management LLC purchased a new position in Summit Therapeutics in the second quarter valued at about $15,154,000. AQR Capital Management LLC purchased a new position in Summit Therapeutics in the second quarter valued at about $484,000. Finally, Squarepoint Ops LLC raised its position in Summit Therapeutics by 192.2% in the second quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock valued at $671,000 after purchasing an additional 56,614 shares during the period. 4.61% of the stock is 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.