Summit Therapeutics’ (SMMT) “Buy” Rating Reiterated at HC Wainwright

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

SMMT has been the subject of a number of other reports. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Stifel Nicolaus increased their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price target for the company. 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 on the stock. Finally, Truist Financial initiated coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.57.

Summit Therapeutics Trading Up 4.6 %

Shares of Summit Therapeutics stock opened at $19.03 on Tuesday. The company has a market cap of $14.03 billion, a P/E ratio of -67.96 and a beta of -0.87. The business has a 50-day moving average price of $18.53 and a two-hundred day moving average price of $16.95. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SMMT. CIBC Asset Management Inc grew its holdings in Summit Therapeutics by 3.8% during the third quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock worth $448,000 after buying an additional 740 shares in the last quarter. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics in the 3rd quarter worth $25,000. Covestor Ltd raised its holdings in shares of Summit Therapeutics by 2,767.4% in 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 during the fourth quarter valued at about $29,000. Finally, World Equity Group Inc. grew its position 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 purchasing an additional 2,063 shares in the last quarter. 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.