Summit Therapeutics (NASDAQ:SMMT) Price Target Cut to $44.00 by Analysts at HC Wainwright

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) had its target price lowered by analysts at HC Wainwright from $45.00 to $44.00 in a report released on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's price objective indicates a potential upside of 136.69% from the stock's previous close.

Other analysts have also issued research reports about the company. Stifel Nicolaus upped their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. 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 report on Friday, September 27th.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock traded down $0.06 during trading on Thursday, hitting $18.59. The stock had a trading volume of 2,280,557 shares, compared to its average volume of 3,668,614. The firm has a market cap of $13.47 billion, a P/E ratio of -66.39 and a beta of -0.97. The business has a fifty day moving average of $19.84 and a two-hundred day moving average of $11.75. Summit Therapeutics has a fifty-two week low of $1.64 and a fifty-two week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. As a group, research analysts forecast that Summit Therapeutics will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently modified their holdings of the stock. Hoylecohen LLC lifted its stake in Summit Therapeutics by 2.4% in the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company's stock worth $674,000 after acquiring an additional 2,000 shares in the last quarter. World Equity Group Inc. lifted its stake in Summit Therapeutics by 16.1% in the 3rd quarter. World Equity Group Inc. now owns 14,842 shares of the company's stock worth $325,000 after acquiring an additional 2,063 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Summit Therapeutics by 142.2% in the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock worth $25,000 after acquiring an additional 3,579 shares in the last quarter. Virtu Financial LLC lifted its stake in Summit Therapeutics by 23.3% in the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock worth $84,000 after acquiring an additional 3,846 shares in the last quarter. Finally, Creative Planning lifted its stake in Summit Therapeutics by 45.0% in the 3rd quarter. Creative Planning now owns 15,633 shares of the company's stock worth $342,000 after acquiring an additional 4,851 shares in the last quarter. 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.