HC Wainwright Reaffirms Buy Rating for Summit Therapeutics (NASDAQ:SMMT)

HC Wainwright restated their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a report released on Wednesday, Benzinga reports. They currently have a $16.00 price objective on the stock.

A number of other equities research analysts have also recently commented on the company. Citigroup lifted their price objective on Summit Therapeutics from $7.00 to $13.00 and gave the stock a buy rating in a research note on Friday, May 31st. Stifel Nicolaus lifted their target price on Summit Therapeutics from $8.00 to $14.00 and gave the stock a buy rating in a report on Monday, June 3rd.

Summit Therapeutics Stock Down 3.3 %

Shares of Summit Therapeutics stock opened at $13.08 on Wednesday. Summit Therapeutics has a 12 month low of $1.52 and a 12 month high of $14.25. The business has a fifty day simple moving average of $9.59 and a 200 day simple moving average of $6.39. The stock has a market cap of $9.48 billion, a PE ratio of -81.75 and a beta of -0.97.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMMT. Russell Investments Group Ltd. lifted its holdings in shares of Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in Summit Therapeutics by 212.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock worth $55,000 after acquiring an additional 14,384 shares in the last quarter. Sectoral Asset Management Inc. raised its holdings in Summit Therapeutics by 50.0% during the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after acquiring an additional 10,000 shares in the last quarter. Virtu Financial LLC raised its holdings in 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 acquiring an additional 3,846 shares in the last quarter. Finally, Fullcircle Wealth LLC bought a new stake in Summit Therapeutics during the second quarter worth about $95,000. 4.61% of the stock is currently owned by institutional investors.

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.