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

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $44.00 price target on the stock. HC Wainwright’s price target points to a potential upside of 133.55% from the stock’s current price.

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

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $18.84 on Tuesday. The stock’s 50-day moving average is $19.91 and its 200 day moving average is $19.15. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89. The firm has a market cap of $13.89 billion, a price-to-earnings ratio of -67.28 and a beta of -0.88.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). On average, sell-side analysts expect that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics in the third quarter valued at approximately $25,000. Covestor Ltd boosted its holdings 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 purchasing an additional 1,190 shares during the period. Brooklyn Investment Group bought a new position in Summit Therapeutics in the 4th quarter valued at $29,000. National Bank of Canada FI purchased a new position in shares of Summit Therapeutics during the 4th quarter valued at $30,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of Summit Therapeutics by 56.1% in the fourth 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. Hedge funds and other 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.