HC Wainwright Has Lowered Expectations for Summit Therapeutics (NASDAQ:SMMT) Stock Price

Summit Therapeutics (NASDAQ:SMMT) had its price objective cut by HC Wainwright from $45.00 to $44.00 in a report published on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently weighed in on SMMT. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th. Stifel Nicolaus upped their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th.

Summit Therapeutics Trading Up 2.2 %

Shares of SMMT opened at $18.99 on Thursday. Summit Therapeutics has a 1 year low of $1.64 and a 1 year high of $33.89. The stock has a market cap of $14.00 billion, a P/E ratio of -67.82 and a beta of -0.92. The stock’s 50-day moving average price is $19.96 and its two-hundred day moving average price is $11.98.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data 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, equities analysts forecast that Summit Therapeutics will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in SMMT. Covestor Ltd raised its position in Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares during the last quarter. Hoylecohen LLC lifted its holdings in shares of Summit Therapeutics by 2.4% in the second quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock worth $674,000 after buying an additional 2,000 shares in the last quarter. World Equity Group Inc. boosted its holdings in Summit Therapeutics by 16.1% in the 3rd quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock valued at $325,000 after purchasing an additional 2,063 shares during the period. Russell Investments Group Ltd. boosted its stake in Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after buying an additional 3,579 shares during the period. Finally, Virtu Financial LLC grew its holdings 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. Institutional investors own 4.61% of the company’s stock.

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.