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

HC Wainwright reaffirmed their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a research note published on Tuesday,Benzinga reports. HC Wainwright currently has a $44.00 price objective on the stock.

Several other research firms also recently weighed in on SMMT. Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the stock a "buy" rating in a research report on Friday, April 25th. UBS Group initiated coverage on shares of Summit Therapeutics in a report on Tuesday. They set a "buy" rating and a $30.00 price objective for the company. Leerink Partners initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 price objective for the company. Wall Street Zen upgraded shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, June 29th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $34.67.

Summit Therapeutics Price Performance

Shares of SMMT traded up $1.73 during mid-day trading on Tuesday, reaching $24.35. 12,732,495 shares of the company's stock traded hands, compared to its average volume of 3,708,545. The stock has a market cap of $18.08 billion, a P/E ratio of -71.60 and a beta of -1.01. The stock's 50-day moving average is $22.75 and its two-hundred day moving average is $21.21. Summit Therapeutics has a 12 month low of $6.90 and a 12 month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. Research analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Cerity Partners LLC raised its stake in Summit Therapeutics by 0.4% in the first quarter. Cerity Partners LLC now owns 113,654 shares of the company's stock worth $2,192,000 after buying an additional 440 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in Summit Therapeutics by 11.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock valued at $122,000 after acquiring an additional 647 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after acquiring an additional 694 shares during the period. Golden State Wealth Management LLC raised its position in shares of Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after acquiring an additional 751 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its stake in shares of Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after purchasing an additional 900 shares during the last quarter. 4.61% of the stock is currently owned by 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.