Summit Therapeutics (NASDAQ:SMMT) Downgraded by StockNews.com to Sell

StockNews.com cut shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) from a hold rating to a sell rating in a research note published on Tuesday.

A number of other brokerages have also recently commented on SMMT. JMP Securities assumed coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They set a "market outperform" rating and a $32.00 target price for the company. 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 target price for the company. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 target price for the company. HC Wainwright reiterated a "buy" rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday. Finally, 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 for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.63.

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Summit Therapeutics Price Performance

NASDAQ:SMMT traded up $2.20 during mid-day trading on Tuesday, hitting $20.69. 2,808,864 shares of the company's stock were exchanged, compared to its average volume of 2,505,503. The business has a fifty day moving average price of $19.99 and a 200 day moving average price of $19.25. The company has a market cap of $15.26 billion, a PE ratio of -73.89 and a beta of -0.88. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The company had revenue of $0.20 million for the quarter. On average, equities analysts forecast that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Darwin Wealth Management LLC acquired a new stake in Summit Therapeutics in the third quarter valued at approximately $25,000. Covestor Ltd grew its position in shares of Summit Therapeutics by 2,767.4% during the third 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 purchased a new position in shares of Summit Therapeutics during the fourth quarter worth approximately $29,000. National Bank of Canada FI purchased a new position 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 buying an additional 900 shares during the last quarter. Hedge funds and other 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.