HC Wainwright Reaffirms “Buy” Rating for Summit Therapeutics (NASDAQ:SMMT)

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a report issued on Tuesday,Benzinga reports. They currently have a $44.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 131.21% from the stock’s previous close.

A number of other analysts also recently weighed in on the company. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their target price for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Stifel Nicolaus boosted their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. JMP Securities initiated coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target on the stock. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective for the company. Finally, Truist Financial assumed coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price on the stock. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Trading Up 4.6 %

NASDAQ SMMT opened at $19.03 on Tuesday. The company has a market cap of $14.03 billion, a price-to-earnings ratio of -67.96 and a beta of -0.87. The company has a 50 day moving average of $18.53 and a 200-day moving average of $16.95. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of SMMT. Baker BROS. Advisors LP boosted its stake in shares of Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares in the last quarter. FMR LLC grew its stake in shares of Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after purchasing an additional 737,692 shares during the last quarter. Geode Capital Management LLC increased its holdings in Summit Therapeutics by 4.6% in the third quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock valued at $67,899,000 after purchasing an additional 135,981 shares during the period. Millennium Management LLC bought a new position in Summit Therapeutics during the 2nd quarter worth $15,154,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Summit Therapeutics by 53.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after buying an additional 497,984 shares during the period. Institutional investors 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.