Summit Therapeutics’ (SMMT) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report sent to investors on Tuesday morning, Benzinga reports. The brokerage currently has a $16.00 price objective on the stock.

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

Summit Therapeutics Stock Down 2.9 %

Shares of NASDAQ SMMT opened at $12.60 on Tuesday. The firm has a fifty day simple moving average of $10.22 and a 200 day simple moving average of $6.79. Summit Therapeutics has a twelve month low of $1.52 and a twelve month high of $14.25. The company has a market capitalization of $9.13 billion, a PE ratio of -78.75 and a beta of -0.99.

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

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds have recently bought and sold shares of SMMT. Russell Investments Group Ltd. grew its position in shares of Summit Therapeutics by 142.2% during 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. Sectoral Asset Management Inc. lifted its holdings in Summit Therapeutics by 50.0% during 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 during the last quarter. Virtu Financial LLC grew its stake in Summit Therapeutics by 23.3% in the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after buying an additional 3,846 shares in the last quarter. Fullcircle Wealth LLC purchased a new stake in shares of Summit Therapeutics in the second quarter worth about $95,000. Finally, EntryPoint Capital LLC purchased a new stake in Summit Therapeutics in the 1st quarter worth approximately $100,000. 4.61% of the stock is owned by hedge funds and other 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.