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

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They currently have a $44.00 price objective on the stock. HC Wainwright’s target price indicates a potential upside of 140.31% from the stock’s current price.

A number of other analysts also recently weighed in on the stock. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Stifel Nicolaus boosted their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, JMP Securities started coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company.

Summit Therapeutics Stock Performance

SMMT stock opened at $18.31 on Monday. The firm has a fifty day moving average price of $21.47 and a 200 day moving average price of $13.14. Summit Therapeutics has a fifty-two week low of $1.84 and a fifty-two week high of $33.89. The firm has a market cap of $13.50 billion, a PE ratio of -65.39 and a beta of -0.92.

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently made changes to their positions in the company. CIBC Asset Management Inc raised its position in Summit Therapeutics by 3.8% in the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock worth $448,000 after purchasing an additional 740 shares during the period. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics during the third quarter valued at approximately $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 worth $27,000 after buying an additional 1,190 shares during the period. Hoylecohen LLC raised its holdings in shares of Summit Therapeutics by 2.4% in the second quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock worth $674,000 after buying an additional 2,000 shares during the period. Finally, World Equity Group Inc. lifted its stake in shares of Summit Therapeutics by 16.1% during the 3rd quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock worth $325,000 after acquiring an additional 2,063 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.