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

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "sell" rating to a "hold" rating in a report issued on Wednesday.

Several other brokerages have also recently issued reports on SMMT. HC Wainwright reaffirmed a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Truist Financial started coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 target price on the stock. 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 target for the company. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They issued a "buy" rating and a $42.00 price objective on the stock. Finally, Wells Fargo & Company began 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. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $34.63.

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Summit Therapeutics Price Performance

Shares of SMMT stock traded down $1.21 during mid-day trading on Wednesday, hitting $17.78. The stock had a trading volume of 3,409,255 shares, compared to its average volume of 2,503,521. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $33.89. The firm's 50-day moving average is $20.00 and its two-hundred day moving average is $19.51. The firm has a market capitalization of $13.12 billion, a P/E ratio of -63.50 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued 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 business had revenue of $0.20 million for the quarter. Analysts expect that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Creative Planning grew its holdings in shares of Summit Therapeutics by 45.0% during the third quarter. Creative Planning now owns 15,633 shares of the company's stock valued at $342,000 after buying an additional 4,851 shares during the last quarter. Principal Financial Group Inc. lifted its position in Summit Therapeutics by 60.9% during the third quarter. Principal Financial Group Inc. now owns 58,147 shares of the company's stock valued at $1,273,000 after purchasing an additional 22,014 shares during the period. Covestor Ltd lifted its stake in shares of Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company's stock valued at $27,000 after purchasing an additional 1,190 shares during the period. Aigen Investment Management LP purchased a new stake in shares of Summit Therapeutics during the third quarter worth $306,000. Finally, Sargent Investment Group LLC raised its position in shares of Summit Therapeutics by 11.8% in the third quarter. Sargent Investment Group LLC now owns 80,500 shares of the company's stock valued at $1,763,000 after buying an additional 8,500 shares during the last quarter. Institutional investors and hedge funds 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.