Summit Therapeutics (NASDAQ:SMMT) Stock Rating Upgraded by Citigroup

Citigroup upgraded shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) from a neutral rating to a buy rating in a research report sent to investors on Wednesday morning, MarketBeat reports. They currently have $35.00 target price on the stock, up from their previous target price of $23.00.

SMMT has been the topic of a number of other research reports. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. 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 target price on the stock. The Goldman Sachs Group assumed coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They issued a "buy" rating and a $42.00 price target on the stock. Evercore ISI initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price objective for the company. Finally, StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $35.44.

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Summit Therapeutics Price Performance

Shares of SMMT stock traded down $0.28 on Wednesday, hitting $20.32. The company's stock had a trading volume of 1,685,854 shares, compared to its average volume of 3,430,026. The stock has a market capitalization of $14.99 billion, a price-to-earnings ratio of -72.57 and a beta of -1.04. Summit Therapeutics has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The firm's fifty day moving average price is $20.51 and its 200-day moving average price is $20.17.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. Analysts predict that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several institutional investors have recently bought and sold shares of the stock. Brooklyn Investment Group bought a new position in shares of Summit Therapeutics during the fourth quarter valued at $29,000. National Bank of Canada FI bought a new position in Summit Therapeutics during the 4th quarter valued at about $30,000. Steward Partners Investment Advisory LLC boosted its position in Summit Therapeutics by 56.1% in the fourth 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 in the last quarter. Rakuten Securities Inc. bought a new stake in Summit Therapeutics during the fourth quarter worth about $71,000. Finally, Fred Alger Management LLC bought a new position in shares of Summit Therapeutics in the third quarter valued at approximately $105,000. 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.