Summit Therapeutics (NASDAQ:SMMT) Receives “Buy” Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a report published on Monday morning,Benzinga reports. They currently have a $44.00 price objective on the stock.

SMMT has been the subject of several other research reports. Stifel Nicolaus increased their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. JMP Securities initiated coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target for the company. Finally, Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th.

Summit Therapeutics Trading Down 1.1 %

SMMT stock opened at $18.42 on Monday. The firm’s 50-day moving average price is $21.15 and its two-hundred day moving average price is $13.43. The stock has a market capitalization of $13.58 billion, a price-to-earnings ratio of -65.78 and a beta of -0.92. Summit Therapeutics has a 12-month low of $1.89 and a 12-month high of $33.89.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SMMT. CIBC Asset Management Inc raised its holdings in Summit Therapeutics by 3.8% in the third quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock worth $448,000 after purchasing an additional 740 shares in the last quarter. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics in the 3rd quarter worth about $25,000. Covestor Ltd lifted its position in 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 acquiring an additional 1,190 shares during the period. Hoylecohen LLC boosted its stake in Summit Therapeutics by 2.4% during the second 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. Finally, World Equity Group Inc. grew its holdings in Summit Therapeutics by 16.1% in the third 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 during the period. Hedge funds and other 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.