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

HC Wainwright reiterated their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a report released on Tuesday, Benzinga reports. HC Wainwright currently has a $16.00 target price on the stock.

A number of other brokerages also recently weighed in on SMMT. Citigroup boosted their price objective on shares of Summit Therapeutics from $7.00 to $13.00 and gave the company a buy rating in a research report on Friday, May 31st. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $8.00 to $14.00 and gave the company a buy rating in a research note on Monday, June 3rd.

Summit Therapeutics Stock Performance

Shares of SMMT stock traded down $0.38 during mid-day trading on Tuesday, reaching $12.60. 1,844,418 shares of the company were exchanged, compared to its average volume of 2,872,795. The business's 50 day simple moving average is $10.22 and its 200 day simple moving average is $6.79. The company has a market capitalization of $9.13 billion, a P/E ratio of -78.75 and a beta of -0.99. Summit Therapeutics has a fifty-two week low of $1.52 and a fifty-two week high of $14.25.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, analysts forecast that Summit Therapeutics will post -0.27 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company's stock valued at $30,095,000 after acquiring an additional 254,261 shares in the last quarter. Millennium Management LLC bought a new stake in Summit Therapeutics during the second quarter worth approximately $15,154,000. TD Asset Management Inc acquired a new stake in shares of Summit Therapeutics in the second quarter worth $2,081,000. The Manufacturers Life Insurance Company boosted its holdings in Summit Therapeutics by 167.2% during the second quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company's stock valued at $1,607,000 after acquiring an additional 128,934 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of Summit Therapeutics by 66.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company's stock worth $558,000 after acquiring an additional 53,774 shares during the last quarter. 4.61% of the stock is 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.