Summit Therapeutics (NASDAQ:SMMT) Upgraded by Zacks Research to “Hold” Rating

Summit Therapeutics (NASDAQ:SMMT) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

Other equities analysts also recently issued reports about the company. Summit Redstone set a $18.00 price objective on Summit Therapeutics in a report on Wednesday, December 17th. Barclays raised shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $16.00 to $18.00 in a research 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. HC Wainwright decreased their price target on shares of Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Finally, Citizens Jmp reissued a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Summit Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $32.25.

Summit Therapeutics Stock Performance

SMMT stock opened at $15.11 on Thursday. The company has a 50 day moving average price of $16.23 and a two-hundred day moving average price of $18.60. The stock has a market capitalization of $11.72 billion, a P/E ratio of -10.42 and a beta of -1.43. Summit Therapeutics has a one year low of $13.83 and a one year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly 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). Research analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in SMMT. Crowley Wealth Management Inc. grew its holdings in shares of Summit Therapeutics by 66.7% in the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock worth $31,000 after acquiring an additional 600 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Summit Therapeutics during the fourth quarter valued at $28,000. SBI Securities Co. Ltd. lifted its stake in Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after acquiring an additional 447 shares in the last quarter. Parallel Advisors LLC acquired a new stake in shares of Summit Therapeutics during the third quarter worth approximately $39,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after purchasing an additional 1,805 shares during the last quarter. 4.61% of the stock is currently owned by 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.