Summit Therapeutics (NASDAQ:SMMT) Upgraded by StockNews.com to “Hold” Rating

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

SMMT has been the subject of a number of other research reports. Jefferies Financial Group initiated coverage on Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. Wells Fargo & Company initiated coverage on Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. Truist Financial initiated coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Finally, 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 target for the company. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Summit Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $34.63.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $19.55 on Wednesday. Summit Therapeutics has a 52 week low of $2.10 and a 52 week high of $33.89. The stock has a market capitalization of $14.42 billion, a P/E ratio of -69.82 and a beta of -0.88. The stock has a fifty day moving average of $20.01 and a 200-day moving average of $19.47.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. On average, research analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter valued at about $25,000. Covestor Ltd boosted its position in shares of Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Summit Therapeutics during the 4th quarter valued at about $29,000. National Bank of Canada FI bought a new stake in shares of Summit Therapeutics during the 4th quarter valued at about $30,000. Finally, Steward Partners Investment Advisory LLC boosted its position in shares of Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after purchasing an additional 900 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.