HC Wainwright Has Lowered Expectations for Summit Therapeutics (NASDAQ:SMMT) Stock Price

Summit Therapeutics (NASDAQ:SMMT) had its price target lowered by equities researchers at HC Wainwright from $45.00 to $44.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 135.92% from the stock’s current price.

Several other research firms have also issued reports on SMMT. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Stifel Nicolaus upped their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th.

Summit Therapeutics Stock Down 14.6 %

Shares of NASDAQ:SMMT opened at $18.65 on Thursday. Summit Therapeutics has a 12 month low of $1.64 and a 12 month high of $33.89. The company’s fifty day simple moving average is $19.74 and its 200 day simple moving average is $11.71. The firm has a market cap of $13.51 billion, a price-to-earnings ratio of -81.08 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Research 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 modified their holdings of the stock. Russell Investments Group Ltd. raised its holdings in Summit Therapeutics by 142.2% in the 1st 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 grew its position in shares of Summit Therapeutics by 23.3% in the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after purchasing an additional 3,846 shares during the last quarter. Fullcircle Wealth LLC bought a new position in shares of Summit Therapeutics during the second quarter worth approximately $95,000. EntryPoint Capital LLC bought a new position in shares of Summit Therapeutics during the first quarter worth approximately $100,000. Finally, XTX Topco Ltd acquired a new stake in Summit Therapeutics during the 2nd quarter worth approximately $121,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.