HC Wainwright Has Lowered Expectations for Summit Therapeutics (NASDAQ:SMMT) Stock Price

Summit Therapeutics (NASDAQ:SMMT) had its target price reduced by investment analysts at HC Wainwright from $40.00 to $30.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 86.45% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Thursday, January 22nd. Piper Sandler set a $40.00 price target on shares of Summit Therapeutics in a research report on Wednesday, January 14th. Wolfe Research started coverage on shares of Summit Therapeutics in a report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Zacks Research cut shares of Summit Therapeutics from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 4th. Finally, Citizens Jmp restated a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $32.25.

Summit Therapeutics Price Performance

Shares of SMMT opened at $16.09 on Tuesday. The company’s fifty day moving average price is $16.61 and its 200-day moving average price is $19.19. Summit Therapeutics has a 1-year low of $13.83 and a 1-year high of $36.91. The firm has a market capitalization of $12.41 billion, a PE ratio of -12.98 and a beta of -1.44.

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

Institutional Trading of Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Baker BROS. Advisors LP increased its stake in shares of Summit Therapeutics by 7.9% during the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after purchasing an additional 2,668,089 shares in the last quarter. Vanguard Group Inc. increased its stake in Summit Therapeutics by 31.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after buying an additional 2,706,056 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Summit Therapeutics by 106.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after buying an additional 4,832,592 shares in the last quarter. State Street Corp raised its holdings in shares of Summit Therapeutics by 4.3% during the fourth quarter. State Street Corp now owns 6,636,361 shares of the company’s stock valued at $116,070,000 after acquiring an additional 274,425 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Summit Therapeutics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock valued at $55,063,000 after acquiring an additional 14,745 shares in the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

About Summit Therapeutics

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.