HC Wainwright Boosts Summit Therapeutics (NASDAQ:SMMT) Price Target to $30.00

Summit Therapeutics (NASDAQ:SMMT) had its target price raised by HC Wainwright from $16.00 to $30.00 in a report released on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued reports about the stock. Stifel Nicolaus upped their price objective on shares of Summit Therapeutics from $8.00 to $14.00 and gave the stock a buy rating in a report on Monday, June 3rd. Citigroup raised their target price on 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 Price Performance

Shares of Summit Therapeutics stock opened at $22.70 on Monday. The stock has a market capitalization of $15.93 billion, a P/E ratio of -141.88 and a beta of -0.99. Summit Therapeutics has a one year low of $1.61 and a one year high of $24.07. The business’s 50 day simple moving average is $11.42 and its two-hundred day simple moving average is $7.35.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Sell-side analysts expect that Summit Therapeutics will post -0.27 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Aristides Capital LLC purchased a new position in Summit Therapeutics during the fourth quarter valued at $210,000. Sectoral Asset Management Inc. boosted its stake in Summit Therapeutics by 50.0% in the 4th quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after purchasing an additional 10,000 shares in the last quarter. Wealth Management Partners LLC grew its position in Summit Therapeutics by 193.3% during the 1st quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock valued at $182,000 after purchasing an additional 29,000 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in Summit Therapeutics by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock valued at $558,000 after purchasing an additional 53,774 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Summit Therapeutics by 131.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after buying an additional 22,977 shares during the last quarter. 4.61% of the stock is owned by 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.