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

HC Wainwright reaffirmed their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a $44.00 price target on the stock.

A number of other research analysts have also recently commented on the stock. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a "buy" rating and a $31.00 target price on the stock. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 price objective on the stock. Citigroup downgraded Summit Therapeutics from a "buy" rating to a "neutral" rating and raised their target price for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Truist Financial started coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price target on the stock. Finally, JMP Securities initiated coverage on Summit Therapeutics in a research note on Monday, November 4th. They set a "market outperform" rating and a $32.00 price objective for the company. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $33.57.

Summit Therapeutics Stock Performance

Summit Therapeutics stock traded up $1.42 during trading on Tuesday, reaching $23.52. 4,448,670 shares of the company's stock were exchanged, compared to its average volume of 2,732,165. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $33.89. The firm has a market cap of $17.34 billion, a price-to-earnings ratio of -84.00 and a beta of -0.87. The company's 50-day moving average is $18.51 and its two-hundred day moving average is $17.14.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). During the same period in the prior year, the firm earned ($0.03) earnings per share. Analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Darwin Wealth Management LLC bought a new position in Summit Therapeutics during the third quarter worth $25,000. Covestor Ltd increased its stake in Summit Therapeutics by 2,767.4% during the third 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 bought a new position in shares of Summit Therapeutics in the 4th quarter worth about $29,000. Fred Alger Management LLC bought a new position in shares of Summit Therapeutics in the 3rd quarter worth about $105,000. Finally, Avanza Fonder AB acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at about $115,000. Institutional investors own 4.61% of the company's stock.

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.