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

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

SMMT has been the subject of a number of other reports. HC Wainwright reiterated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Tuesday. JMP Securities initiated coverage on Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price for the company. Jefferies Financial Group initiated coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 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 objective for the company. Finally, Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Trading Up 1.0 %

Shares of SMMT stock opened at $18.49 on Tuesday. The firm has a fifty day simple moving average of $19.93 and a 200-day simple moving average of $19.19. The company has a market capitalization of $13.64 billion, a PE ratio of -66.03 and a beta of -0.88. Summit Therapeutics has a twelve month low of $2.10 and a twelve month high of $33.89.

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

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP increased its holdings in shares of Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after acquiring an additional 1,202,643 shares during the period. Vanguard Group Inc. grew its position in Summit Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock worth $208,261,000 after purchasing an additional 724,040 shares during the last quarter. FMR LLC increased its stake in shares of Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after purchasing an additional 737,692 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock valued at $116,995,000 after buying an additional 1,118,270 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock valued at $57,133,000 after buying an additional 101,039 shares during the last quarter. 4.61% of the stock is currently owned by 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.