Summit Therapeutics (NASDAQ:SMMT) Upgraded at Zacks Research

Zacks Research upgraded shares of Summit Therapeutics (NASDAQ:SMMT) from a strong sell rating to a hold rating in a research report sent to investors on Thursday,Zacks.com reports.

SMMT has been the topic of several other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Thursday, January 22nd. Summit Redstone set a $18.00 price objective on Summit Therapeutics in a report on Wednesday, December 17th. Citizens Jmp restated a “market outperform” rating and issued a $40.00 target price on shares of Summit Therapeutics in a research note on Friday, January 30th. HC Wainwright dropped their target price on Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Finally, Wolfe Research assumed coverage on Summit Therapeutics in a research report on Tuesday, November 18th. They set a “peer perform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.25.

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock opened at $15.11 on Thursday. The company has a 50-day simple moving average of $16.23 and a two-hundred day simple moving average of $18.55. The company has a market capitalization of $11.72 billion, a PE ratio of -10.42 and a beta of -1.43. Summit Therapeutics has a one year low of $13.83 and a one year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). On average, equities analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Crowley Wealth Management Inc. increased its stake in Summit Therapeutics by 66.7% during the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock worth $31,000 after buying an additional 600 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Summit Therapeutics in the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. boosted its stake 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 worth $37,000 after acquiring an additional 447 shares during the last quarter. Parallel Advisors LLC purchased a new stake in shares of Summit Therapeutics during the third quarter worth approximately $39,000. Finally, T. Rowe Price Investment Management Inc. increased its position in shares of Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after purchasing an additional 1,805 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.