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

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

SMMT has been the topic of a number of other reports. The Goldman Sachs Group raised their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, April 28th. TD Cowen upgraded Summit Therapeutics to a “strong-buy” rating in a report on Thursday, May 8th. Citigroup upgraded Summit Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. Finally, Evercore ISI assumed coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective on the stock. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $37.40.

Summit Therapeutics Trading Down 7.6%

NASDAQ SMMT opened at $22.75 on Tuesday. The business’s 50-day moving average price is $22.28 and its 200 day moving average price is $20.50. Summit Therapeutics has a twelve month low of $2.10 and a twelve month high of $36.91. The company has a market capitalization of $16.90 billion, a PE ratio of -81.25 and a beta of -0.94.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Equities analysts predict that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds have recently modified their holdings of SMMT. Brooklyn Investment Group purchased a new stake in Summit Therapeutics during the 4th quarter worth approximately $29,000. Golden State Wealth Management LLC increased its holdings in Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after purchasing an additional 751 shares during the last quarter. National Bank of Canada FI purchased a new stake in Summit Therapeutics during the 4th quarter worth approximately $30,000. CWM LLC increased its holdings in Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after purchasing an additional 1,624 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings 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 purchasing an additional 900 shares during the last quarter. 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.