Summit Therapeutics (NASDAQ:SMMT) Upgraded at StockNews.com

StockNews.com upgraded shares of Summit Therapeutics (NASDAQ:SMMT) from a sell rating to a hold rating in a research note released on Wednesday.

Other research analysts have also recently issued research reports about the company. Truist Financial assumed coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. The Goldman Sachs Group began coverage on Summit Therapeutics in a research report on Friday, February 28th. They set a “buy” rating and a $42.00 price objective on the stock. Jefferies Financial Group began coverage on Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 target price on the stock. Wells Fargo & Company began coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.63.

Summit Therapeutics Price Performance

SMMT stock opened at $17.78 on Wednesday. The stock has a market capitalization of $13.12 billion, a price-to-earnings ratio of -63.50 and a beta of -1.04. The business’s fifty day moving average price is $20.00 and its two-hundred day moving average price is $19.51. Summit Therapeutics has a fifty-two week low of $2.10 and a fifty-two week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. Research analysts expect that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics in the third quarter worth about $25,000. Covestor Ltd lifted its holdings in shares of Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares during the last quarter. Brooklyn Investment Group bought a new position in shares of Summit Therapeutics in the fourth quarter worth about $29,000. National Bank of Canada FI bought a new position in Summit Therapeutics in the 4th quarter valued at approximately $30,000. Finally, Steward Partners Investment Advisory LLC raised its holdings in Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after buying an additional 900 shares during the last quarter. 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.