Summit Therapeutics' (SMMT) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a research report released on Tuesday morning,Benzinga reports. They currently have a $44.00 price objective on the stock.

Several other brokerages also recently commented on SMMT. Evercore ISI assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price on the stock. The Goldman Sachs Group lifted their target price on Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. Jefferies Financial Group set a $44.00 price target on shares of Summit Therapeutics and gave the stock a "buy" rating in a research note on Friday, April 25th. Finally, Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their target price for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $34.67.

Summit Therapeutics Stock Down 0.4%

SMMT traded down $0.08 during midday trading on Tuesday, hitting $21.20. 2,065,473 shares of the company were exchanged, compared to its average volume of 3,655,672. Summit Therapeutics has a 1-year low of $6.78 and a 1-year high of $36.91. The firm's 50 day moving average price is $23.31 and its 200-day moving average price is $21.13. The firm has a market capitalization of $15.74 billion, a P/E ratio of -62.35 and a beta of -1.06.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. On average, sell-side analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in SMMT. Rhumbline Advisers boosted its holdings in shares of Summit Therapeutics by 5.2% during the first quarter. Rhumbline Advisers now owns 131,760 shares of the company's stock worth $2,542,000 after purchasing an additional 6,558 shares during the last quarter. Siren L.L.C. purchased a new position in Summit Therapeutics during the first quarter worth about $13,407,000. Focus Partners Wealth boosted its stake in Summit Therapeutics by 145,546.6% in the 1st quarter. Focus Partners Wealth now owns 84,475 shares of the company's stock worth $1,630,000 after buying an additional 84,417 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in 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 buying an additional 694 shares during the period. Finally, Cutter Capital Management LP acquired a new position in shares of Summit Therapeutics during the 1st quarter valued at about $7,716,000. 4.61% of the stock is currently owned by hedge funds and other 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.