Summit Therapeutics (NASDAQ:SMMT) Lowered to “Sell” Rating by StockNews.com

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

A number of other equities analysts also recently issued reports on SMMT. HC Wainwright restated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday, April 28th. Evercore ISI assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the company a “buy” rating in a research note on Friday, April 25th. Finally, The Goldman Sachs Group boosted their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.40.

Summit Therapeutics Stock Performance

SMMT opened at $28.02 on Monday. The firm has a market cap of $20.67 billion, a P/E ratio of -100.07 and a beta of -0.46. The business’s fifty day moving average is $21.56 and its 200-day moving average is $20.31. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. On average, research analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Summit Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after purchasing an additional 724,040 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Summit Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock valued at $116,995,000 after acquiring an additional 1,118,270 shares during the period. Geode Capital Management LLC raised its stake in shares of Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock valued at $57,133,000 after acquiring an additional 101,039 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Summit Therapeutics by 3.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company’s stock worth $26,501,000 after purchasing an additional 52,359 shares during the period. Finally, Pictet Asset Management Holding SA grew its stake in shares of Summit Therapeutics by 100.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company’s stock worth $24,755,000 after purchasing an additional 695,843 shares during the last quarter. 4.61% of the stock is owned by 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.