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

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

Other research analysts have also issued research reports about the stock. The Goldman Sachs Group assumed coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 price target for the company. Truist Financial assumed coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target for the company. HC Wainwright restated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, February 25th. Finally, Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price target for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Summit Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $34.63.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT opened at $17.78 on Wednesday. The company has a 50 day simple moving average of $20.00 and a 200 day simple moving average of $19.51. The firm has a market cap of $13.12 billion, a PE ratio of -63.50 and a beta of -1.04. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). The business 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.

Institutional Trading of Summit Therapeutics

Large investors have recently modified their holdings of the stock. Darwin Wealth Management LLC acquired a new stake in shares of Summit Therapeutics during the 3rd quarter worth approximately $25,000. Covestor Ltd grew 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 worth $27,000 after buying an additional 1,190 shares during the period. Brooklyn Investment Group acquired a new stake in Summit Therapeutics in the 4th quarter valued at $29,000. National Bank of Canada FI acquired a new stake in Summit Therapeutics in the 4th quarter valued at $30,000. Finally, Steward Partners Investment Advisory LLC grew its position 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 valued at $45,000 after purchasing an additional 900 shares during the period. 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.