Summit Therapeutics (NASDAQ:SMMT) Earns Buy Rating from Analysts at HC Wainwright

HC Wainwright initiated coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note released on Monday, Marketbeat.com reports. The brokerage issued a buy rating and a $16.00 price target on the stock. HC Wainwright also issued estimates for Summit Therapeutics’ Q3 2024 earnings at ($0.05) EPS, Q4 2024 earnings at ($0.06) EPS, FY2024 earnings at ($0.23) EPS, Q1 2025 earnings at ($0.06) EPS, Q2 2025 earnings at ($0.06) EPS, Q3 2025 earnings at ($0.06) EPS, Q4 2025 earnings at ($0.07) EPS and FY2025 earnings at ($0.25) EPS.

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

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $11.87 on Monday. The stock has a 50-day moving average of $9.03 and a 200 day moving average of $6.03. The company has a market capitalization of $8.33 billion, a price-to-earnings ratio of -74.19 and a beta of -0.97. Summit Therapeutics has a one year low of $1.52 and a one year high of $11.90.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Susquehanna Fundamental Investments LLC grew its holdings in shares of Summit Therapeutics by 37.9% during the second quarter. Susquehanna Fundamental Investments LLC now owns 67,378 shares of the company’s stock worth $526,000 after buying an additional 18,501 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Summit Therapeutics by 167.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock worth $1,607,000 after acquiring an additional 128,934 shares during the period. Millennium Management LLC acquired a new position in shares of Summit Therapeutics during the 2nd quarter valued at about $15,154,000. AQR Capital Management LLC purchased a new stake in shares of Summit Therapeutics in the second quarter valued at about $484,000. Finally, Squarepoint Ops LLC increased its position in Summit Therapeutics by 192.2% during the second quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock worth $671,000 after purchasing an additional 56,614 shares during the last quarter. 4.61% of the stock is currently 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.