Summit Therapeutics (NASDAQ:SMMT) Given Buy Rating at HC Wainwright

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research note issued to investors on Friday, Benzinga reports. They currently have a $45.00 target price on the stock. HC Wainwright’s target price indicates a potential upside of 141.81% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Stifel Nicolaus increased their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price target for the stock from $19.00 to $23.00 in a report on Friday, September 27th.

Summit Therapeutics Stock Down 4.8 %

NASDAQ SMMT opened at $18.61 on Friday. The company has a market cap of $13.48 billion, a PE ratio of -116.31 and a beta of -0.99. Summit Therapeutics has a 52 week low of $1.64 and a 52 week high of $33.89. The firm’s 50-day simple moving average is $16.17 and its two-hundred day simple moving average is $9.46.

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

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of SMMT. Russell Investments Group Ltd. raised its stake in 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. Sectoral Asset Management Inc. raised its stake in Summit Therapeutics by 50.0% in the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock valued at $78,000 after purchasing an additional 10,000 shares in the last quarter. Virtu Financial LLC raised its stake in 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 in the last quarter. Fullcircle Wealth LLC purchased a new stake in Summit Therapeutics in the second quarter valued at approximately $95,000. Finally, EntryPoint Capital LLC bought a new position in Summit Therapeutics during the first quarter valued at approximately $100,000. 4.61% of the stock is owned by hedge funds and other 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.