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

Key Points

• Summit Therapeutics has received a "buy" rating from HC Wainwright, with a price target of $44.00, indicating a potential upside of 66.35% from its previous close.
• Other analysts have mixed ratings, with prices ranging from $12.00 to $44.00, reflecting a consensus rating of "Moderate Buy" and a target average of $35.00.
• The company recently reported a loss of ($0.76) earnings per share for the last quarter, missing estimates by ($0.66).

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at HC Wainwright in a research note issued on Friday,Benzinga reports. They currently have a $44.00 price objective on the stock. HC Wainwright's price objective indicates a potential upside of 66.35% from the stock's previous close.

Other equities research analysts have also recently issued reports about the company. Evercore ISI raised their target price on Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research report on Tuesday. UBS Group began coverage on Summit Therapeutics in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price on the stock. JMP Securities restated a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, June 2nd. Leerink Partners began coverage on Summit Therapeutics in a research report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 target price on the stock. Finally, Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the company a "buy" rating in a research report on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

Summit Therapeutics Price Performance

Shares of SMMT stock opened at $26.45 on Friday. The business has a fifty day moving average of $24.36 and a 200 day moving average of $22.73. The firm has a market capitalization of $19.65 billion, a price-to-earnings ratio of -26.19 and a beta of -1.06. Summit Therapeutics has a 1 year low of $11.07 and a 1 year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.66). As a group, equities research analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Golden State Wealth Management LLC lifted its stake in Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after buying an additional 751 shares in the last quarter. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics in the 2nd quarter worth approximately $31,000. CWM LLC lifted its stake in Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after purchasing an additional 1,624 shares in the last quarter. SBI Securities Co. Ltd. lifted its stake in Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company's stock worth $37,000 after purchasing an additional 447 shares in the last quarter. Finally, AlphaQuest LLC purchased a new position in Summit Therapeutics in the 1st quarter worth approximately $49,000. 4.61% of the stock is owned by hedge funds and other 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.

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