TD Cowen Upgrades Summit Therapeutics (NASDAQ:SMMT) to Strong-Buy

TD Cowen upgraded shares of Summit Therapeutics (NASDAQ:SMMT) to a strong-buy rating in a research note released on Thursday morning,Zacks.com reports.

Several other research firms have also recently issued reports on SMMT. Summit Redstone set a $35.00 price objective on Summit Therapeutics in a research report on Wednesday, March 26th. Truist Financial assumed 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. The Goldman Sachs Group upped their target price on shares of Summit Therapeutics from $37.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. HC Wainwright reiterated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, April 28th. Finally, StockNews.com downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.40.

Summit Therapeutics Trading Down 2.8 %

Shares of NASDAQ:SMMT opened at $23.96 on Thursday. The stock has a fifty day simple moving average of $21.95 and a two-hundred day simple moving average of $20.42. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $36.91. The stock has a market capitalization of $17.79 billion, a price-to-earnings ratio of -85.57 and a beta of -0.94.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. As a group, equities research analysts predict that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Summit Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock worth $116,995,000 after buying an additional 1,118,270 shares during the period. Vanguard Group Inc. increased its stake in shares of Summit Therapeutics by 6.6% in the fourth 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 in the last quarter. Pictet Asset Management Holding SA raised its position in shares of Summit Therapeutics by 100.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company’s stock valued at $24,755,000 after purchasing an additional 695,843 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Summit Therapeutics during the 4th quarter valued at $8,801,000. Finally, Invesco Ltd. boosted its holdings in Summit Therapeutics by 435.7% in the 4th quarter. Invesco Ltd. now owns 399,050 shares of the company’s stock worth $7,121,000 after buying an additional 324,555 shares during the period. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

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.