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

StockNews.com cut shares of Summit Therapeutics (NASDAQ:SMMT) from a hold rating to a sell rating in a report released on Tuesday morning.

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

Summit Therapeutics Trading Up 1.0 %

Summit Therapeutics stock opened at $18.49 on Tuesday. Summit Therapeutics has a 52 week low of $2.10 and a 52 week high of $33.89. The stock has a market cap of $13.64 billion, a price-to-earnings ratio of -66.03 and a beta of -0.88. The company’s 50-day moving average price is $19.93 and its two-hundred day moving average price is $19.19.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Creative Planning lifted its position in shares of Summit Therapeutics by 45.0% in the 3rd quarter. Creative Planning now owns 15,633 shares of the company’s stock valued at $342,000 after acquiring an additional 4,851 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Summit Therapeutics by 25.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,205 shares of the company’s stock valued at $547,000 after purchasing an additional 5,247 shares during the period. abrdn plc purchased a new stake in shares of Summit Therapeutics in the third quarter valued at $24,885,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Summit Therapeutics by 69.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company’s stock worth $3,052,000 after buying an additional 56,879 shares during the period. Finally, World Equity Group Inc. grew its holdings in shares of Summit Therapeutics by 16.1% during the third quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock valued at $325,000 after buying an additional 2,063 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

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.