Summit Therapeutics (NASDAQ:SMMT) Earns “Buy” Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a $44.00 price objective on the stock.

SMMT has been the topic of a number of other reports. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price target on the stock. JMP Securities initiated coverage on Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price on the stock. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target for the company. Finally, Truist Financial initiated coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $18.49 on Tuesday. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89. The firm has a market capitalization of $13.64 billion, a PE ratio of -66.03 and a beta of -0.88. The business’s 50 day moving average price is $19.93 and its 200-day moving average price is $19.19.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $0.20 million for the quarter. As a group, analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics in the third quarter valued at approximately $25,000. Covestor Ltd raised its position in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares during the period. Brooklyn Investment Group acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at $29,000. National Bank of Canada FI acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at $30,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after purchasing an additional 900 shares during the period. 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.