Summit Therapeutics (NASDAQ:SMMT) Receives “Overweight” Rating from Cantor Fitzgerald

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “overweight” rating restated by Cantor Fitzgerald in a research note issued to investors on Monday,Benzinga reports.

Other analysts also recently issued research reports about the stock. Leerink Partnrs upgraded shares of Summit Therapeutics to a “strong sell” rating in a report on Wednesday, June 11th. JMP Securities reissued a “market outperform” rating and set a $40.00 price objective on shares of Summit Therapeutics in a report on Wednesday, September 3rd. Leerink Partners initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, June 11th. They set an “underperform” rating and a $12.00 price target on the stock. Evercore ISI raised their price target on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an “outperform” rating in a report on Tuesday, August 12th. Finally, Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $33.79.

Summit Therapeutics Stock Down 15.3%

NASDAQ:SMMT opened at $22.00 on Monday. The stock has a market cap of $16.34 billion, a PE ratio of -21.78 and a beta of -1.02. Summit Therapeutics has a 52 week low of $15.55 and a 52 week high of $36.91. The business’s 50-day simple moving average is $25.85 and its two-hundred day simple moving average is $23.21.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.66). Sell-side analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in shares of Summit Therapeutics by 358.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company’s stock valued at $3,664,000 after purchasing an additional 160,592 shares during the last quarter. Hsbc Holdings PLC bought a new position in shares of Summit Therapeutics during the 4th quarter worth approximately $188,000. Northern Trust Corp lifted its holdings in shares of Summit Therapeutics by 1.6% in the 4th quarter. Northern Trust Corp now owns 871,402 shares of the company’s stock worth $15,550,000 after purchasing an additional 14,075 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of Summit Therapeutics in the 4th quarter worth $406,000. Finally, BNP Paribas Financial Markets bought a new position in Summit Therapeutics during the 4th quarter valued at $8,801,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

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.