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

Key Points

• Summit Therapeutics' stock retains a buy rating from HC Wainwright with a price target of $50.00, indicating a potential upside of 92.46% from its current price.
• The company reported a loss of $0.76 EPS for the last quarter, which missed the consensus estimate of a $0.10 loss, highlighting ongoing financial challenges.
• Recent institutional trading shows significant activity, with Golden State Wealth Management increasing its stake by 100%, indicating growing interest among investors.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "buy" rating restated by research analysts at HC Wainwright in a research note issued on Monday,Benzinga reports. They presently have a $50.00 price objective on the stock. HC Wainwright's target price suggests a potential upside of 92.46% from the stock's current price.

SMMT has been the topic of several other research reports. Leerink Partnrs upgraded shares of Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. Zacks Research cut shares of Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 14th. Summit Redstone set a $21.00 price target on shares of Summit Therapeutics in a research note on Tuesday, August 19th. Piper Sandler began coverage on shares of Summit Therapeutics in a research note on Monday, August 18th. They set a "neutral" rating and a $21.00 price target on the stock. Finally, Evercore ISI lifted their price target on shares of Summit Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. One 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 given a Sell rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $33.79.

Summit Therapeutics Trading Up 9.2%

Shares of SMMT stock opened at $25.98 on Monday. Summit Therapeutics has a 12-month low of $11.88 and a 12-month high of $36.91. The firm's 50 day moving average is $25.85 and its 200 day moving average is $23.21. The stock has a market capitalization of $19.30 billion, a P/E ratio of -25.72 and a beta of -1.02.

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

Institutional Trading of Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Golden State Wealth Management LLC raised its position in shares of Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after purchasing an additional 751 shares during the period. Ball & Co Wealth Management Inc. bought a new stake in shares of Summit Therapeutics during the 2nd quarter valued at $31,000. CWM LLC increased its holdings in Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after acquiring an additional 1,624 shares during the last quarter. SBI Securities Co. Ltd. increased its holdings in Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company's stock valued at $37,000 after acquiring an additional 447 shares during the last quarter. Finally, AlphaQuest LLC bought a new stake in Summit Therapeutics in the 1st quarter valued at $49,000. 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.

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