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

HC Wainwright reissued their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note released on Tuesday morning,Benzinga reports. They currently have a $44.00 target price on the stock.

Several other equities analysts have also issued reports on the company. Jefferies Financial Group initiated coverage on Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Stifel Nicolaus raised their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target on the stock. JMP Securities initiated coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target for the company. Finally, Truist Financial assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.57.

Summit Therapeutics Price Performance

Shares of SMMT opened at $24.65 on Tuesday. The stock has a market cap of $18.18 billion, a PE ratio of -88.03 and a beta of -0.87. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89. The firm has a 50-day simple moving average of $18.59 and a two-hundred day simple moving average of $17.18.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.02). During the same quarter last year, the firm posted ($0.03) earnings per share. As a group, sell-side analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP raised its position in shares of Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after purchasing an additional 1,202,643 shares during the period. FMR LLC increased its holdings in shares of Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after buying an additional 737,692 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Summit Therapeutics by 4.6% during the third quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock worth $67,899,000 after purchasing an additional 135,981 shares during the period. Millennium Management LLC purchased a new stake in Summit Therapeutics during the second quarter valued at about $15,154,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after buying an additional 497,984 shares during the period. 4.61% of the stock is currently 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.