Summit Therapeutics (NASDAQ:SMMT) Stock Rating Upgraded by StockNews.com

Summit Therapeutics (NASDAQ:SMMT) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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

Summit Therapeutics Trading Down 0.2 %

Shares of NASDAQ SMMT opened at $19.09 on Wednesday. Summit Therapeutics has a 12 month low of $2.10 and a 12 month high of $33.89. The stock has a 50 day moving average of $20.00 and a 200-day moving average of $19.47. The company has a market capitalization of $14.08 billion, a P/E ratio of -68.18 and a beta of -0.88.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. Analysts predict that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Darwin Wealth Management LLC bought a new stake in Summit Therapeutics during the 3rd quarter worth $25,000. Covestor Ltd grew its position in Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares during the last quarter. Brooklyn Investment Group bought a new stake in Summit Therapeutics during the 4th quarter worth $29,000. National Bank of Canada FI bought a new stake in Summit Therapeutics during the 4th quarter worth $30,000. Finally, Steward Partners Investment Advisory LLC grew its position in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after acquiring an additional 900 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

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.