Summit Therapeutics (NASDAQ:SMMT) Given New $30.00 Price Target at HC Wainwright

Summit Therapeutics (NASDAQ:SMMT) had its price objective boosted by HC Wainwright from $16.00 to $30.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also weighed in on the stock. Stifel Nicolaus boosted their price objective on shares of Summit Therapeutics from $8.00 to $14.00 and gave the stock a buy rating in a research note on Monday, June 3rd. Citigroup boosted their price target on Summit Therapeutics from $7.00 to $13.00 and gave the stock a buy rating in a research report on Friday, May 31st.

Summit Therapeutics Stock Up 56.0 %

SMMT stock opened at $19.14 on Monday. The company has a market cap of $13.87 billion, a price-to-earnings ratio of -119.63 and a beta of -0.99. Summit Therapeutics has a twelve month low of $1.56 and a twelve month high of $21.50. The business has a 50 day moving average price of $10.80 and a two-hundred day moving average price of $7.11.

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

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently modified their holdings of the stock. Hoylecohen LLC grew its stake in Summit Therapeutics by 2.4% in the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after buying an additional 2,000 shares during the last quarter. Russell Investments Group Ltd. grew its position 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 during the last quarter. 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. Alpine Global Management LLC lifted its holdings in Summit Therapeutics by 16.7% during the 1st quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock worth $145,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Summit Therapeutics by 18.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock worth $138,000 after purchasing an additional 5,139 shares during the last quarter. 4.61% of the stock is 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.