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

HC Wainwright restated their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note published on Friday morning, Benzinga reports. The firm currently has a $45.00 price objective on the stock.

SMMT has been the topic of several other research reports. Citigroup cut Summit Therapeutics from a buy rating to a neutral rating and lifted their target price for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Stifel Nicolaus lifted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a buy rating in a research report on Wednesday, September 25th.

Summit Therapeutics Trading Up 2.6 %

SMMT stock opened at $19.09 on Friday. Summit Therapeutics has a twelve month low of $1.64 and a twelve month high of $33.89. The company has a market capitalization of $13.83 billion, a P/E ratio of -119.31 and a beta of -0.97. The firm has a 50 day simple moving average of $16.32 and a 200-day simple moving average of $9.65.

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

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hoylecohen LLC lifted its stake in shares of Summit Therapeutics by 2.4% during the second quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after acquiring an additional 2,000 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after acquiring an additional 3,579 shares during the period. Virtu Financial LLC lifted its stake in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after acquiring an additional 3,846 shares during the period. Alpine Global Management LLC lifted its stake in shares of Summit Therapeutics by 16.7% during the first quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock valued at $145,000 after acquiring an additional 5,000 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Summit Therapeutics by 18.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock valued at $138,000 after acquiring an additional 5,139 shares during the period. Institutional investors and hedge funds 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.