Summit Therapeutics (NASDAQ:SMMT) Upgraded to “Strong Sell” at Sanford C. Bernstein

Summit Therapeutics (NASDAQ:SMMT) was upgraded by stock analysts at Sanford C. Bernstein to a “strong sell” rating in a research report issued on Thursday,Zacks.com reports.

A number of other research firms also recently weighed in on SMMT. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, May 18th. Truist Financial raised Summit Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Citizens Jmp reaffirmed a “market outperform” rating and set a $40.00 price objective on shares of Summit Therapeutics in a report on Friday, January 30th. Finally, Stifel Nicolaus started coverage on Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating and a $45.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Summit Therapeutics presently has an average rating of “Hold” and an average target price of $26.05.

Summit Therapeutics Stock Down 4.9%

SMMT stock opened at $16.62 on Thursday. Summit Therapeutics has a twelve month low of $13.83 and a twelve month high of $30.98. The company has a market cap of $12.90 billion, a PE ratio of -10.39 and a beta of -1.25. The business’s 50-day simple moving average is $18.92 and its 200 day simple moving average is $17.60.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Thursday, April 30th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. On average, equities research analysts anticipate that Summit Therapeutics will post -1.17 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SMMT. Price T Rowe Associates Inc. MD raised its stake in shares of Summit Therapeutics by 106.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock valued at $163,907,000 after acquiring an additional 4,832,592 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Summit Therapeutics by 31.2% in the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after acquiring an additional 2,706,056 shares during the last quarter. Baker BROS. Advisors LP raised its stake in shares of Summit Therapeutics by 7.9% in the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after acquiring an additional 2,668,089 shares during the last quarter. Norges Bank bought a new position in shares of Summit Therapeutics in the fourth quarter valued at approximately $24,030,000. Finally, TD Asset Management Inc raised its stake in shares of Summit Therapeutics by 124.2% in the fourth quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock valued at $21,080,000 after acquiring an additional 667,742 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

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.