Summit Therapeutics (NASDAQ:SMMT) Price Target Cut to $44.00 by Analysts at HC Wainwright

Summit Therapeutics (NASDAQ:SMMT) had its price objective reduced by HC Wainwright from $45.00 to $44.00 in a report published on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently commented on the company. Stifel Nicolaus raised their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th.

Summit Therapeutics Stock Up 2.2 %

Shares of Summit Therapeutics stock opened at $18.99 on Thursday. Summit Therapeutics has a 12-month low of $1.64 and a 12-month high of $33.89. The stock has a market capitalization of $14.00 billion, a P/E ratio of -67.82 and a beta of -0.92. The stock has a 50 day moving average price of $19.96 and a two-hundred day moving average price of $11.98.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Sell-side analysts anticipate that Summit Therapeutics will post -0.27 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. 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 worth $27,000 after buying an additional 1,190 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Summit Therapeutics by 60.9% during the third quarter. Principal Financial Group Inc. now owns 58,147 shares of the company’s stock valued at $1,273,000 after purchasing an additional 22,014 shares during the last quarter. World Equity Group Inc. increased its holdings in shares of Summit Therapeutics by 16.1% in the third quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock valued at $325,000 after purchasing an additional 2,063 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in Summit Therapeutics by 69.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company’s stock worth $3,052,000 after purchasing an additional 56,879 shares during the last quarter. Finally, abrdn plc acquired a new position in Summit Therapeutics during the 3rd quarter worth $24,885,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.