HC Wainwright Issues Pessimistic Forecast for Summit Therapeutics (NASDAQ:SMMT) Stock Price
by Renee Jackson · The Cerbat GemSummit Therapeutics (NASDAQ:SMMT – Get Free Report) had its price target cut by investment analysts at HC Wainwright from $30.00 to $23.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 42.77% from the stock’s current price.
SMMT has been the subject of a number of other reports. Wall Street Zen raised Summit Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday. Citizens Jmp reissued a “market outperform” rating and issued a $40.00 target price on shares of Summit Therapeutics in a research report on Friday, January 30th. Truist Financial raised Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Finally, Jefferies Financial Group cut Summit Therapeutics from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.58.
Read Our Latest Stock Analysis on Summit Therapeutics
Summit Therapeutics Stock Down 0.1%
Shares of NASDAQ SMMT opened at $16.11 on Monday. The stock has a market cap of $12.50 billion, a PE ratio of -10.07 and a beta of -1.25. Summit Therapeutics has a 52-week low of $13.83 and a 52-week high of $30.98. The business has a 50-day moving average price of $18.43 and a 200 day moving average price of $17.80.
Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last announced its earnings results on Thursday, April 30th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. Sell-side analysts anticipate that Summit Therapeutics will post -1.31 earnings per share for the current year.
Institutional Trading of Summit Therapeutics
A number of hedge funds have recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. acquired a new stake in Summit Therapeutics during the 1st quarter worth approximately $28,000. Kestra Advisory Services LLC acquired a new stake in Summit Therapeutics during the 4th quarter worth approximately $28,000. 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 worth $33,000 after acquiring an additional 1,805 shares during the period. Parallel Advisors LLC acquired a new stake in Summit Therapeutics during the 3rd quarter worth approximately $39,000. Finally, Truvestments Capital LLC raised its stake in shares of Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after buying an additional 1,736 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.
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.