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

Summit Therapeutics (NASDAQ:SMMT) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Tuesday.

Several other analysts have also recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday. Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Truist Financial initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. Finally, JMP Securities started coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Stock Performance

NASDAQ SMMT traded down $0.73 on Tuesday, hitting $18.11. The stock had a trading volume of 3,734,509 shares, compared to its average volume of 2,494,780. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $33.89. The company has a market capitalization of $13.36 billion, a price-to-earnings ratio of -64.68 and a beta of -0.88. The firm has a 50-day moving average of $19.90 and a 200-day moving average of $19.20.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.20 million during the quarter. As a group, research analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Darwin Wealth Management LLC bought a new stake in Summit Therapeutics in the 3rd quarter worth $25,000. Covestor Ltd grew its holdings in Summit Therapeutics by 2,767.4% in 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 in the 4th quarter worth $29,000. National Bank of Canada FI bought a new stake in Summit Therapeutics in the 4th quarter worth $30,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in Summit Therapeutics by 56.1% in 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.

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.