Summit Therapeutics (NASDAQ:SMMT) Cut to Sell at StockNews.com

Summit Therapeutics (NASDAQ:SMMT) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

A number of other brokerages also recently issued reports on SMMT. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective for the company. Truist Financial started coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective for the company. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective for the company. JMP Securities assumed coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT traded down $0.73 during midday trading on Tuesday, hitting $18.11. 3,734,509 shares of the company’s stock were exchanged, compared to its average volume of 2,494,780. The stock has a 50 day moving average price of $19.90 and a 200-day moving average price of $19.20. The company has a market cap of $13.36 billion, a PE ratio of -64.68 and a beta of -0.88. Summit Therapeutics has a 12 month low of $2.10 and a 12 month high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. On average, analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

A number of institutional investors have recently modified their holdings of SMMT. Baker BROS. Advisors LP lifted its stake in shares of Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after buying an additional 1,202,643 shares in the last quarter. abrdn plc purchased a new stake in shares of Summit Therapeutics during the 3rd quarter valued at approximately $24,885,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Summit Therapeutics by 20.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock valued at $116,995,000 after buying an additional 1,118,270 shares in the last quarter. FMR LLC lifted its stake in shares of Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after buying an additional 737,692 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after buying an additional 724,040 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 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.