HC Wainwright Reiterates "Buy" Rating for Summit Therapeutics (NASDAQ:SMMT)

Key Points

• HC Wainwright has restated its "buy" rating on Summit Therapeutics (NASDAQ:SMMT) and set a target price of $50.00, indicating a potential upside of 110.97% from its current stock price.
• Despite a positive rating from HC Wainwright, the company faces mixed analyst assessments with a consensus rating of "Moderate Buy" and a general price target of $33.31.
• Summit Therapeutics reported a significant earnings miss for the previous quarter, with an EPS of ($0.76), well below analysts' expectations of ($0.10).

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $50.00 price objective on the stock. HC Wainwright's price objective points to a potential upside of 92.46% from the stock's current price.

A number of other analysts have also recently weighed in on the stock. Evercore ISI raised their price target on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Zacks Research lowered shares of Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 14th. Leerink Partnrs raised shares of Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. UBS Group initiated coverage on shares of Summit Therapeutics in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price for the company. Finally, Summit Redstone set a $21.00 target price on shares of Summit Therapeutics in a report on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $33.79.

Summit Therapeutics Trading Up 9.2%

Shares of NASDAQ SMMT traded up $2.18 during mid-day trading on Tuesday, reaching $25.98. The company had a trading volume of 3,401,699 shares, compared to its average volume of 3,066,105. The business's 50-day moving average is $25.85 and its 200-day moving average is $23.20. The stock has a market cap of $19.30 billion, a price-to-earnings ratio of -25.72 and a beta of -1.02. Summit Therapeutics has a 52 week low of $11.88 and a 52 week high of $36.91.

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

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of SMMT. Ball & Co Wealth Management Inc. purchased a new stake in Summit Therapeutics during the second quarter worth about $31,000. Golden State Wealth Management LLC increased its stake in shares of Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after buying an additional 751 shares during the period. CWM LLC increased its stake in shares of Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after buying an additional 1,624 shares during the period. SBI Securities Co. Ltd. increased its stake in shares of Summit Therapeutics by 34.1% during the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company's stock worth $37,000 after buying an additional 447 shares during the period. Finally, AlphaQuest LLC acquired a new position in Summit Therapeutics in the first quarter valued at approximately $49,000. 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.