Summit Therapeutics (NASDAQ:SMMT) Rating Reiterated by HC Wainwright

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “buy” rating restated by HC Wainwright in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $16.00 target price on the stock. HC Wainwright’s target price points to a potential upside of 18.34% from the stock’s previous close.

A number of other brokerages have also commented on SMMT. Citigroup raised their price target on Summit Therapeutics from $7.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Stifel Nicolaus lifted their price objective on Summit Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a research note on Monday, June 3rd.

Summit Therapeutics Stock Up 1.3 %

Shares of SMMT opened at $13.52 on Wednesday. The firm has a fifty day simple moving average of $9.50 and a two-hundred day simple moving average of $6.33. The stock has a market capitalization of $9.80 billion, a P/E ratio of -84.50 and a beta of -0.97. Summit Therapeutics has a twelve month low of $1.52 and a twelve month high of $13.80.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMMT. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Summit Therapeutics by 131.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after buying an additional 22,977 shares during the last quarter. Vanguard Group Inc. raised its stake in Summit Therapeutics by 3.6% during the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after purchasing an additional 254,261 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Summit Therapeutics by 18.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock valued at $138,000 after acquiring an additional 5,139 shares during the last quarter. Virtu Financial LLC raised its holdings in Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after buying an additional 3,846 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Summit Therapeutics by 55.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,727 shares of the company’s stock worth $104,000 after purchasing an additional 14,098 shares during the period. Institutional investors own 4.61% of the company’s stock.

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.