Summit Therapeutics (NASDAQ:SMMT) Receives "Neutral" Rating from HC Wainwright

Key Points

• HC Wainwright reiterated a “Neutral” rating on Summit Therapeutics. Overall analyst sentiment is “Hold,” with an average price target of $25.91.
• Summit shares opened at $17.12, compared with a 52-week range of $12.07 to $29.23; the company has a market capitalization of approximately $13.66 billion.
• The clinical-stage biotech reported quarterly EPS of -$0.28, slightly missing the consensus estimate of -$0.27. Its lead drug candidate, ivonescimab, is being evaluated for non-small cell lung cancer and other solid tumors.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "neutral" rating restated by stock analysts at HC Wainwright in a report issued on Wednesday, Benzinga reports.

A number of other equities analysts also recently weighed in on SMMT. Guggenheim reissued a "buy" rating on shares of Summit Therapeutics in a research note on Wednesday, August 26th. Wall Street Zen upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, September 5th. Stifel Nicolaus lowered their price objective on Summit Therapeutics from $45.00 to $38.00 and set a "buy" rating for the company in a research report on Friday, July 24th. Summit Redstone set a $25.00 price objective on Summit Therapeutics in a research note on Wednesday, September 9th. Finally, Sanford C. Bernstein upgraded Summit Therapeutics from an "underperform" rating to a "market perform" rating and upped their target price for the company from $9.80 to $11.90 in a research report on Tuesday, August 25th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics presently has an average rating of "Hold" and an average price target of $25.91.

Summit Therapeutics Price Performance

Summit Therapeutics stock opened at $17.12 on Wednesday. The stock's 50 day moving average is $14.78 and its 200 day moving average is $16.31. The firm has a market cap of $13.66 billion, a P/E ratio of -15.29 and a beta of -1.24. Summit Therapeutics has a one year low of $12.07 and a one year high of $29.23.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). Equities analysts anticipate that Summit Therapeutics will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SMMT. Tidal Investments LLC raised its holdings in shares of Summit Therapeutics by 0.7% during the second quarter. Tidal Investments LLC now owns 121,097 shares of the company's stock valued at $1,764,000 after purchasing an additional 783 shares during the period. Engineers Gate Manager LP bought a new stake in Summit Therapeutics in the 2nd quarter valued at about $989,000. Nykredit A S acquired a new position in Summit Therapeutics during the 2nd quarter worth approximately $111,000. AXQ Capital LP raised its stake in Summit Therapeutics by 98.1% during the 2nd quarter. AXQ Capital LP now owns 93,624 shares of the company's stock worth $1,364,000 after buying an additional 46,356 shares during the period. Finally, Two Sigma Securities LLC acquired a new position in Summit Therapeutics during the 2nd quarter worth approximately $182,000. 4.61% of the stock is owned by institutional investors.

About Summit Therapeutics

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for the treatment of cancer. The company's lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition against PD-1 with selective inhibition of vascular endothelial growth factor A (VEGF-A). Summit is evaluating ivonescimab in clinical studies involving patients with non-small cell lung cancer and other solid tumors.

Summit has entered into a licensing and collaboration agreement with Akeso, a biotechnology company that discovered and developed ivonescimab.

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