Summit Therapeutics (NASDAQ:SMMT) Upgraded at StockNews.com

StockNews.com upgraded shares of Summit Therapeutics (NASDAQ:SMMT) from a sell rating to a hold rating in a report released on Tuesday morning.

A number of other analysts have also weighed in on SMMT. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday, April 28th. The Goldman Sachs Group boosted their target price on Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Citigroup raised Summit Therapeutics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. Finally, Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the company a “buy” rating in a report on Friday, April 25th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $37.40.

Summit Therapeutics Trading Up 1.5%

Summit Therapeutics stock opened at $23.09 on Tuesday. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $36.91. The firm has a 50-day moving average price of $22.38 and a 200-day moving average price of $20.51. The firm has a market capitalization of $17.15 billion, a PE ratio of -82.46 and a beta of -0.94.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. As a group, sell-side analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Brooklyn Investment Group acquired a new position in Summit Therapeutics during the fourth quarter worth $29,000. Golden State Wealth Management LLC boosted its holdings in Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after buying an additional 751 shares during the last quarter. National Bank of Canada FI purchased a new stake in Summit Therapeutics during the 4th quarter worth approximately $30,000. CWM LLC increased its stake in Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after buying an additional 1,624 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after acquiring 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.