Summit Therapeutics (NASDAQ:SMMT) Receives Buy Rating from HC Wainwright

Key Points

• Summit Therapeutics received a "buy" rating from HC Wainwright, which set a price target of $50.00, indicating a potential upside of approximately 164% from its current price.
• Despite a strong buy rating from some analysts, the company's recent earnings report showed a loss of ($0.76) per share, significantly missing expectations.
• Insider buying has been notable, with CEO Robert W. Duggan purchasing over 333,000 shares recently, increasing insider ownership to approximately 84.90% of the stock.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "buy" rating reissued by analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $50.00 target price on the stock. HC Wainwright's price objective points to a potential upside of 163.99% from the stock's current price.

Other analysts also recently issued reports about the stock. UBS Group began coverage on shares of Summit Therapeutics in a report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price target on the stock. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. Evercore ISI lifted their price target on Summit Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, September 8th. Finally, Summit Redstone set a $21.00 price target on Summit Therapeutics in a research report on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $33.79.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $18.94 on Tuesday. The stock has a market cap of $14.07 billion, a PE ratio of -18.75 and a beta of -1.02. Summit Therapeutics has a 52 week low of $15.55 and a 52 week high of $36.91. The company's fifty day moving average is $25.37 and its 200 day moving average is $23.18.

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

Insider Buying and Selling at Summit Therapeutics

In other news, CEO Robert W. Duggan bought 333,394 shares of the stock in a transaction dated Wednesday, September 10th. The shares were acquired at an average price of $17.68 per share, with a total value of $5,894,405.92. Following the completion of the acquisition, the chief executive officer directly owned 556,088,090 shares in the company, valued at approximately $9,831,637,431.20. The trade was a 0.06% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mahkam Zanganeh bought 333,394 shares of the stock in a transaction dated Wednesday, September 10th. The stock was purchased at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the acquisition, the chief executive officer owned 556,088,090 shares of the company's stock, valued at approximately $9,831,637,431.20. This represents a 0.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 676,788 shares of company stock worth $11,969,512 over the last three months. 84.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Summit Therapeutics in the second quarter worth $29,576,000. APEIRON CAPITAL Ltd purchased a new stake in Summit Therapeutics during the 2nd quarter worth $25,556,000. Fiera Capital Corp acquired a new position in Summit Therapeutics in the 2nd quarter worth $16,659,000. Siren L.L.C. purchased a new position in Summit Therapeutics in the 1st quarter valued at about $13,407,000. Finally, Bank of America Corp DE grew its stake in shares of Summit Therapeutics by 53.3% during the second quarter. Bank of America Corp DE now owns 566,147 shares of the company's stock valued at $12,048,000 after acquiring an additional 196,925 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company's stock.

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.

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