HC Wainwright Reiterates “Buy” Rating for Summit Therapeutics (NASDAQ:SMMT)

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They presently have a $40.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 174.16% from the stock’s current price.

Several other equities research analysts have also issued reports on SMMT. Summit Redstone set a $18.00 price objective on Summit Therapeutics in a research note on Wednesday, December 17th. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price target on shares of Summit Therapeutics in a report on Monday, October 20th. Guggenheim reissued a “buy” rating and set a $40.00 price objective on shares of Summit Therapeutics in a report on Wednesday, October 22nd. Citizens Jmp restated a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Friday, January 30th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $33.62.

Summit Therapeutics Trading Up 3.8%

Shares of NASDAQ:SMMT opened at $14.59 on Monday. The company has a 50 day moving average of $17.36 and a 200 day moving average of $20.42. The stock has a market cap of $11.25 billion, a P/E ratio of -11.77 and a beta of -1.44. Summit Therapeutics has a 12 month low of $14.03 and a 12 month high of $36.91.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently made changes to their positions in SMMT. Levin Capital Strategies L.P. raised its position in Summit Therapeutics by 2.7% in the 4th quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company’s stock worth $659,000 after purchasing an additional 1,000 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Summit Therapeutics by 24.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,991 shares of the company’s stock valued at $664,000 after buying an additional 7,403 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Summit Therapeutics by 3.7% in the fourth quarter. Farther Finance Advisors LLC now owns 57,282 shares of the company’s stock worth $1,002,000 after buying an additional 2,046 shares during the period. Tema Etfs LLC lifted its stake in shares of Summit Therapeutics by 19.3% in the 4th quarter. Tema Etfs LLC now owns 95,782 shares of the company’s stock valued at $1,675,000 after acquiring an additional 15,498 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Summit Therapeutics by 204.7% in the 4th quarter. SG Americas Securities LLC now owns 15,589 shares of the company’s stock valued at $273,000 after acquiring an additional 10,472 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.