Summit Therapeutics (NASDAQ:SMMT) Downgraded to Sell Rating by Wall Street Zen

Summit Therapeutics (NASDAQ:SMMT) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

SMMT has been the topic of several other research reports. TD Cowen upgraded Summit Therapeutics to a “strong-buy” rating in a report on Thursday, May 8th. Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the stock a “buy” rating in a report on Friday, April 25th. Leerink Partners started coverage on Summit Therapeutics in a report on Wednesday, June 11th. They set an “underperform” rating and a $12.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Friday. Finally, UBS Group started coverage on Summit Therapeutics in a research report on Tuesday, July 1st. They set a “buy” rating and a $30.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $35.00.

Summit Therapeutics Stock Performance

SMMT opened at $26.69 on Friday. Summit Therapeutics has a 52-week low of $11.29 and a 52-week high of $36.91. The firm has a market capitalization of $19.83 billion, a PE ratio of -26.43 and a beta of -1.06. The business’s 50-day simple moving average is $24.49 and its 200 day simple moving average is $22.75.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.66). On average, research analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Golden State Wealth Management LLC grew its position 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 valued at $29,000 after purchasing an additional 751 shares during the last quarter. Ball & Co Wealth Management Inc. acquired a new position in shares of Summit Therapeutics in the second quarter valued at approximately $31,000. CWM LLC grew its position in shares of Summit Therapeutics by 3,455.3% in the first quarter. CWM LLC now owns 1,671 shares of the company’s stock valued at $32,000 after purchasing an additional 1,624 shares during the last quarter. SBI Securities Co. Ltd. grew its position in shares of Summit Therapeutics by 34.1% in the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock valued at $37,000 after purchasing an additional 447 shares during the last quarter. Finally, AlphaQuest LLC acquired a new position in shares of Summit Therapeutics in the first quarter valued at approximately $49,000. 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.