Summit Therapeutics' (SMMT) "Buy" Rating Reaffirmed at HC Wainwright

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "buy" rating restated by investment analysts at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They currently have a $44.00 target price on the stock. HC Wainwright's price objective indicates a potential upside of 112.66% from the stock's previous close. HC Wainwright also issued estimates for Summit Therapeutics' Q1 2025 earnings at ($0.09) EPS, Q2 2025 earnings at ($0.09) EPS, Q3 2025 earnings at ($0.10) EPS, Q4 2025 earnings at ($0.10) EPS and FY2025 earnings at ($0.39) EPS.

Several other equities research analysts have also commented on the stock. Truist Financial started coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price target for the company. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a "buy" rating and a $31.00 target price for the company. JMP Securities initiated coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They set a "market outperform" rating and a $32.00 price target on the stock. Finally, Wells Fargo & Company started 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Summit Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $34.63.

Remove Ads

Summit Therapeutics Trading Up 11.9 %

NASDAQ:SMMT traded up $2.20 during trading hours on Tuesday, reaching $20.69. The company had a trading volume of 2,808,864 shares, compared to its average volume of 2,505,503. The firm has a market cap of $15.26 billion, a price-to-earnings ratio of -73.89 and a beta of -0.88. The firm's 50 day moving average price is $19.93 and its 200-day moving average price is $19.19. Summit Therapeutics has a 52 week low of $2.10 and a 52 week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.20 million during the quarter. On average, analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics during the third quarter worth $25,000. Covestor Ltd boosted its holdings in shares of Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company's stock valued at $27,000 after purchasing an additional 1,190 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Summit Therapeutics during the fourth quarter valued at about $29,000. National Bank of Canada FI bought a new stake in shares of Summit Therapeutics in the fourth quarter worth about $30,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after purchasing an additional 900 shares during the last quarter. 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.