Summit Therapeutics (NASDAQ:SMMT) Upgraded to Hold at Zacks Investment Research

Summit Therapeutics (NASDAQ:SMMT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday, January 5th.

According to Zacks, “Summit Therapeutics PLC is engaged in the discovery and development of drug to treat the fatal muscle wasting disease Duchenne Muscular Dystrophy and infections caused by the bacteria C. difficile. Summit Therapeutics PLC is headquartered in Abingdon, the United Kingdom. “

A number of other equities analysts have also recently weighed in on SMMT. SunTrust Banks assumed coverage on shares of Summit Therapeutics in a research report on Thursday, January 4th. They set a “buy” rating and a $24.00 price objective for the company. HC Wainwright set a $16.00 price target on shares of Summit Therapeutics and gave the company a “buy” rating in a research report on Wednesday, December 27th. Oppenheimer reissued a “buy” rating and issued a $24.00 price target on shares of Summit Therapeutics in a research report on Monday, October 16th. Canaccord Genuity reissued a “buy” rating and issued a $28.00 price target on shares of Summit Therapeutics in a research report on Monday, September 11th. Finally, ValuEngine cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, October 5th. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $21.20.

Summit Therapeutics (NASDAQ:SMMT) traded up $0.25 during trading hours on Friday, hitting $12.68. 42,500 shares of the company were exchanged, compared to its average volume of 41,233. The stock has a market cap of $175.54, a PE ratio of -126.80 and a beta of 0.37. Summit Therapeutics has a 1 year low of $8.80 and a 1 year high of $16.86.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Wednesday, December 6th. The company reported ($0.20) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.73) by $0.53. Summit Therapeutics had a negative net margin of 0.95% and a negative return on equity of 10.90%. analysts forecast that Summit Therapeutics will post -0.59 EPS for the current year.

A number of hedge funds have recently modified their holdings of SMMT. Alyeska Investment Group L.P. purchased a new position in Summit Therapeutics in the 3rd quarter valued at approximately $628,000. Highbridge Capital Management LLC purchased a new position in Summit Therapeutics in the 3rd quarter valued at approximately $1,004,000. Susquehanna International Group LLP purchased a new position in Summit Therapeutics in the 3rd quarter valued at approximately $1,828,000. Sphera Funds Management LTD. lifted its position in shares of Summit Therapeutics by 49.3% during the 3rd quarter. Sphera Funds Management LTD. now owns 212,018 shares of the company’s stock worth $2,654,000 after purchasing an additional 70,000 shares during the last quarter. Finally, Granite Point Capital Management L.P. lifted its position in shares of Summit Therapeutics by 106.7% during the 3rd quarter. Granite Point Capital Management L.P. now owns 242,113 shares of the company’s stock worth $3,031,000 after purchasing an additional 125,000 shares during the last quarter. 29.30% of the stock is owned by institutional investors.

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Summit Therapeutics Company Profile

Summit Therapeutics plc is a biopharmaceutical company, which is engaged in drug development. The Company is focused on the discovery, development and commercialization of medicines for indications for which there are no existing or only inadequate therapies. It is conducting clinical programs focused on the genetic disease Duchenne muscular dystrophy (DMD) and the infectious disease Clostridium difficile infection (CDI).

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