StockNews.com Upgrades Summit Therapeutics (NASDAQ:SMMT) to “Hold”

StockNews.com upgraded shares of Summit Therapeutics (NASDAQ:SMMT) from a sell rating to a hold rating in a report issued on Wednesday morning.

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

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT opened at $19.55 on Wednesday. The business’s 50 day simple moving average is $20.01 and its two-hundred day simple moving average is $19.47. The firm has a market cap of $14.42 billion, a P/E ratio of -69.82 and a beta of -0.88. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.20 million during the quarter. On average, equities 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 institutional investors and hedge funds have recently modified their holdings of SMMT. Creative Planning increased its position in shares of Summit Therapeutics by 45.0% during the third quarter. Creative Planning now owns 15,633 shares of the company’s stock valued at $342,000 after acquiring an additional 4,851 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Summit Therapeutics by 60.9% during the third quarter. Principal Financial Group Inc. now owns 58,147 shares of the company’s stock valued at $1,273,000 after acquiring an additional 22,014 shares during the last quarter. Covestor Ltd increased its position in shares of Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after acquiring an additional 1,190 shares during the last quarter. Aigen Investment Management LP purchased a new stake in shares of Summit Therapeutics during the third quarter valued at approximately $306,000. Finally, Sargent Investment Group LLC increased its position in Summit Therapeutics by 11.8% in the third quarter. Sargent Investment Group LLC now owns 80,500 shares of the company’s stock worth $1,763,000 after buying an additional 8,500 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.