Summit Therapeutics (NASDAQ:SMMT) Raised to Strong-Buy at Truist Financial

Summit Therapeutics (NASDAQ:SMMT) was upgraded by investment analysts at Truist Financial to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the stock. Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Citigroup reiterated a “buy” rating on shares of Summit Therapeutics in a research report on Tuesday, February 24th. Summit Redstone set a $18.00 price target on shares of Summit Therapeutics in a research note on Wednesday, December 17th. Barclays upgraded shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $16.00 to $18.00 in a research report on Wednesday, December 17th. Finally, Piper Sandler set a $40.00 price objective on shares of Summit Therapeutics in a report on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.83.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $17.26 on Wednesday. The company has a market cap of $13.38 billion, a PE ratio of -11.90 and a beta of -1.43. The stock’s 50 day simple moving average is $15.72 and its 200-day simple moving average is $17.72. Summit Therapeutics has a 1-year low of $13.83 and a 1-year high of $36.91.

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

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently modified their holdings of the company. Crowley Wealth Management Inc. increased its holdings in Summit Therapeutics by 66.7% in the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after purchasing an additional 600 shares during the last quarter. Amalgamated Bank boosted its position in shares of Summit Therapeutics by 7.7% during the third quarter. Amalgamated Bank now owns 8,552 shares of the company’s stock worth $177,000 after buying an additional 609 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 worth $1,273,000 after buying an additional 694 shares during the period. Sei Investments Co. grew its stake in shares of Summit Therapeutics by 3.3% in the third quarter. Sei Investments Co. now owns 27,163 shares of the company’s stock valued at $561,000 after buying an additional 860 shares in the last quarter. Finally, Levin Capital Strategies L.P. grew its stake in shares of Summit Therapeutics by 2.7% in the fourth quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company’s stock valued at $659,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.