Summit Therapeutics (NASDAQ:SMMT) Stock Rating Upgraded by Leerink Partnrs

Summit Therapeutics (NASDAQ:SMMT) was upgraded by research analysts at Leerink Partnrs to a “strong sell” rating in a report released on Wednesday,Zacks.com reports.

Other analysts have also recently issued reports about the company. TD Cowen upgraded Summit Therapeutics to a “strong-buy” rating in a research report on Thursday, May 8th. Jefferies Financial Group set a $44.00 price target on shares of Summit Therapeutics and gave the company a “buy” rating in a report on Friday, April 25th. Wall Street Zen raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. JMP Securities reissued a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a research note on Monday, June 2nd. Finally, Citigroup upgraded shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and upped their target price for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.09.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $20.16 on Wednesday. Summit Therapeutics has a 1-year low of $6.78 and a 1-year high of $36.91. The company has a market capitalization of $14.97 billion, a PE ratio of -72.00 and a beta of -1.06. The business has a 50-day moving average of $23.61 and a 200-day moving average of $20.90.

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

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Cerity Partners LLC raised its position in shares of Summit Therapeutics by 0.4% during the first quarter. Cerity Partners LLC now owns 113,654 shares of the company’s stock worth $2,192,000 after purchasing an additional 440 shares during the period. Exchange Traded Concepts LLC raised its holdings in Summit Therapeutics by 11.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company’s stock worth $122,000 after buying an additional 647 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock valued at $1,273,000 after buying an additional 694 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of Summit Therapeutics by 100.0% in the first 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 period. Finally, Steward Partners Investment Advisory LLC increased its position in shares of Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after acquiring an additional 900 shares in the last quarter. 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.