Wall Street Zen Upgrades Summit Therapeutics (NASDAQ:SMMT) to “Hold”

Summit Therapeutics (NASDAQ:SMMT) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Sunday.

A number of other research analysts also recently weighed in on SMMT. Evercore ISI assumed coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 target price on the stock. TD Cowen raised Summit Therapeutics to a “strong-buy” rating in a report on Thursday, May 8th. Leerink Partners assumed coverage on Summit Therapeutics in a report on Wednesday, June 11th. They issued an “underperform” rating and a $12.00 target price on the stock. The Goldman Sachs Group increased their target price on Summit Therapeutics from $37.00 to $41.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Finally, Citigroup raised Summit Therapeutics from a “neutral” rating to a “buy” rating and increased their target price for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $35.09.

Summit Therapeutics Price Performance

Summit Therapeutics stock opened at $20.60 on Friday. Summit Therapeutics has a one year low of $6.78 and a one year high of $36.91. The stock has a market capitalization of $15.30 billion, a PE ratio of -60.59 and a beta of -1.06. The business’s fifty day moving average is $23.39 and its 200 day moving average is $21.08.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SMMT. Golden State Wealth Management LLC raised its stake 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. National Bank of Canada FI bought a new position in shares of Summit Therapeutics in the fourth quarter worth about $30,000. CWM LLC grew its position in shares of Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after purchasing an additional 1,624 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position 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 worth $45,000 after purchasing an additional 900 shares in the last quarter. Finally, AlphaQuest LLC purchased a new stake in shares of Summit Therapeutics during the first quarter worth about $49,000. Institutional investors own 4.61% of the company’s stock.

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.