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

HC Wainwright reissued their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a report published on Monday,Benzinga reports. They currently have a $50.00 price objective on the stock.

Other analysts also recently issued reports about the company. Leerink Partners started coverage on Summit Therapeutics in a research note on Wednesday, June 11th. They issued an “underperform” rating and a $12.00 price target for the company. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Zacks Research downgraded Summit Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 14th. Evercore ISI boosted their price target on Summit Therapeutics from $30.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, August 12th. Finally, Leerink Partnrs upgraded Summit Therapeutics to a “strong sell” rating in a research report on Wednesday, June 11th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $33.79.

Summit Therapeutics Price Performance

SMMT opened at $17.60 on Monday. The business has a fifty day simple moving average of $25.67 and a 200 day simple moving average of $23.12. The company has a market capitalization of $13.07 billion, a PE ratio of -17.43 and a beta of -1.02. Summit Therapeutics has a 1 year low of $15.55 and a 1 year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.66). Equities analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors have recently modified their holdings of SMMT. Dimensional Fund Advisors LP lifted its position in shares of Summit Therapeutics by 358.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company’s stock worth $3,664,000 after buying an additional 160,592 shares during the last quarter. Hsbc Holdings PLC bought a new stake in shares of Summit Therapeutics during the 4th quarter worth $188,000. Northern Trust Corp lifted its position in shares of Summit Therapeutics by 1.6% during the 4th quarter. Northern Trust Corp now owns 871,402 shares of the company’s stock worth $15,550,000 after buying an additional 14,075 shares during the last quarter. Ameriprise Financial Inc. bought a new stake in shares of Summit Therapeutics during the 4th quarter worth $406,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of Summit Therapeutics during the 4th quarter worth $8,801,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.