Summit Therapeutics (NASDAQ:SMMT) PT Raised to $45.00 at HC Wainwright

Summit Therapeutics (NASDAQ:SMMT) had its price objective increased by equities researchers at HC Wainwright from $30.00 to $45.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 71.62% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. Citigroup raised their price objective on Summit Therapeutics from $13.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, September 9th. Stifel Nicolaus raised their price target on Summit Therapeutics from $14.00 to $25.00 and gave the company a “buy” rating in a report on Monday, September 9th.

Summit Therapeutics Trading Down 11.1 %

NASDAQ:SMMT opened at $26.22 on Monday. The firm has a fifty day simple moving average of $13.13 and a 200 day simple moving average of $8.05. Summit Therapeutics has a 1-year low of $1.64 and a 1-year high of $33.89. The stock has a market capitalization of $18.41 billion, a PE ratio of -163.88 and a beta of -0.99.

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

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently made changes to their positions in the company. Hoylecohen LLC lifted its holdings in Summit Therapeutics by 2.4% during the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock worth $674,000 after purchasing an additional 2,000 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings 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 worth $25,000 after buying an additional 3,579 shares in the last quarter. Virtu Financial LLC boosted 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 acquiring an additional 3,846 shares during the period. Alpine Global Management LLC grew its stake in shares of Summit Therapeutics by 16.7% in 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in 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 worth $138,000 after acquiring an additional 5,139 shares during the period. Institutional investors 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.