Summit Therapeutics (NASDAQ:SMMT) Upgraded at Citigroup

Summit Therapeutics (NASDAQ:SMMT) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a report released on Wednesday,Finviz reports. The firm presently has a $35.00 target price on the stock, up from their prior target price of $23.00. Citigroup’s price target points to a potential upside of 72.92% from the company’s previous close.

Several other brokerages also recently commented on SMMT. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, February 25th. StockNews.com upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Wells Fargo & Company began coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. Evercore ISI started coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price target for the company. Finally, Cantor Fitzgerald assumed coverage on shares of Summit Therapeutics in a report on Friday, March 21st. They issued an “overweight” rating on the stock. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $35.44.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $20.24 on Wednesday. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89. The business’s 50 day simple moving average is $20.41 and its two-hundred day simple moving average is $20.18. The stock has a market capitalization of $14.93 billion, a P/E ratio of -72.28 and a beta of -1.04.

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SMMT. Brooklyn Investment Group bought a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $29,000. National Bank of Canada FI bought a new position in Summit Therapeutics in the 4th quarter worth about $30,000. Steward Partners Investment Advisory LLC grew its position in Summit Therapeutics by 56.1% during 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 last quarter. Rakuten Securities Inc. bought a new stake in Summit Therapeutics during the 4th quarter valued at about $71,000. Finally, Fred Alger Management LLC purchased a new position in Summit Therapeutics in the third quarter worth about $105,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.