HC Wainwright Issues Pessimistic Forecast for Summit Therapeutics (NASDAQ:SMMT) Stock Price

Key Points

• HC Wainwright cut its price target on Summit Therapeutics from $30.00 to $23.00 but kept a "buy" rating, implying about a 42.8% upside from the stock's recent close.
• The analyst consensus is a "Moderate Buy" with an average price target of $27.58, based on a mix of ratings (2 Strong Buy, 8 Buy, 5 Hold, 2 Sell).
• Summit opened at $16.11 (12‑month range $13.83–$30.98) and reported quarterly EPS of ($0.24) beating estimates by $0.03, while analysts forecast a fiscal‑year EPS of -1.31.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) had its target price lowered by investment analysts at HC Wainwright from $30.00 to $23.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's price objective suggests a potential upside of 42.77% from the company's previous close.

Several other research analysts have also recently commented on the company. Stifel Nicolaus began coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They set a "buy" rating and a $45.00 target price for the company. Wall Street Zen raised Summit Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Saturday. Weiss Ratings reissued a "sell (d-)" rating on shares of Summit Therapeutics in a research note on Tuesday, April 21st. Zacks Research raised Summit Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 5th. Finally, Truist Financial raised Summit Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $27.58.

Summit Therapeutics Trading Down 0.1%

SMMT stock opened at $16.11 on Monday. The company has a market capitalization of $12.50 billion, a PE ratio of -10.07 and a beta of -1.25. Summit Therapeutics has a 12-month low of $13.83 and a 12-month high of $30.98. The business's fifty day moving average price is $18.43 and its 200 day moving average price is $17.80.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.03. Research analysts predict that Summit Therapeutics will post -1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SMMT. AQR Capital Management LLC boosted its position in shares of Summit Therapeutics by 5.0% during the 1st quarter. AQR Capital Management LLC now owns 65,623 shares of the company's stock worth $1,266,000 after acquiring an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Summit Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock worth $1,273,000 after acquiring an additional 694 shares in the last quarter. Creative Planning boosted its position in shares of Summit Therapeutics by 6.7% during the 2nd quarter. Creative Planning now owns 21,390 shares of the company's stock worth $455,000 after acquiring an additional 1,336 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Summit Therapeutics by 33.8% during the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company's stock worth $561,000 after acquiring an additional 6,662 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth about $132,000. 4.61% of the stock is owned by institutional investors and hedge funds.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit's lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.

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