HC Wainwright Cuts Summit Therapeutics (NASDAQ:SMMT) Price Target to $30.00

Summit Therapeutics (NASDAQ:SMMT) had its price objective lowered by HC Wainwright from $40.00 to $30.00 in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has a buy rating on the stock.

SMMT has been the subject of several other research reports. Wolfe Research started coverage on Summit Therapeutics in a report on Tuesday, November 18th. They issued a “peer perform” rating for the company. Barclays upgraded Summit Therapeutics from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $16.00 to $18.00 in a report on Wednesday, December 17th. Piper Sandler set a $40.00 price target on shares of Summit Therapeutics in a report on Wednesday, January 14th. Citizens Jmp reissued a “market outperform” rating and set a $40.00 price objective on shares of Summit Therapeutics in a research report on Friday, January 30th. Finally, Summit Redstone set a $18.00 target price on shares of Summit Therapeutics in a research report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.25.

Summit Therapeutics Trading Up 0.8%

SMMT stock opened at $15.80 on Tuesday. The firm’s 50-day moving average price is $16.54 and its two-hundred day moving average price is $19.06. Summit Therapeutics has a 12-month low of $13.83 and a 12-month high of $36.91. The stock has a market capitalization of $12.25 billion, a price-to-earnings ratio of -10.90 and a beta of -1.44.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). Equities analysts predict that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. T. Rowe Price Investment Management Inc. lifted its position in Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after acquiring an additional 1,805 shares during the period. Invesco Ltd. grew its holdings in Summit Therapeutics by 8.3% in the fourth quarter. Invesco Ltd. now owns 461,301 shares of the company’s stock worth $8,068,000 after purchasing an additional 35,226 shares during the period. Beacon Pointe Advisors LLC increased its stake in shares of Summit Therapeutics by 10.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 39,611 shares of the company’s stock valued at $693,000 after purchasing an additional 3,885 shares in the last quarter. Virtus Investment Advisers LLC lifted its holdings in shares of Summit Therapeutics by 168.3% during the fourth quarter. Virtus Investment Advisers LLC now owns 15,141 shares of the company’s stock valued at $265,000 after purchasing an additional 9,497 shares during the last quarter. Finally, Tudor Investment Corp ET AL boosted its position in shares of Summit Therapeutics by 21.8% in the 4th quarter. Tudor Investment Corp ET AL now owns 423,084 shares of the company’s stock worth $7,400,000 after purchasing an additional 75,843 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.