Summit Therapeutics (NASDAQ:SMMT) Upgraded by Zacks Research to Hold Rating

Summit Therapeutics (NASDAQ:SMMT) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on SMMT. Piper Sandler set a $40.00 target price on Summit Therapeutics in a report on Wednesday, January 14th. Summit Redstone set a $18.00 target price on shares of Summit Therapeutics in a report on Wednesday, December 17th. Wolfe Research started coverage on shares of Summit Therapeutics in a report on Tuesday, November 18th. They issued a “peer perform” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Thursday, January 22nd. Finally, Barclays upgraded shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $16.00 to $18.00 in a report on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.25.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT opened at $15.11 on Thursday. The firm has a fifty day moving average price of $16.23 and a 200 day moving average price of $18.60. Summit Therapeutics has a fifty-two week low of $13.83 and a fifty-two week high of $36.91. The firm has a market cap of $11.72 billion, a price-to-earnings ratio of -10.42 and a beta of -1.43.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data 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). As a group, research analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kestra Advisory Services LLC acquired a new position in shares of Summit Therapeutics in the 4th quarter worth approximately $28,000. Crowley Wealth Management Inc. lifted its position in Summit Therapeutics by 66.7% in the third quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after acquiring an additional 600 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in 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 buying an additional 1,805 shares during the period. SBI Securities Co. Ltd. boosted its stake in Summit Therapeutics by 34.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after purchasing an additional 447 shares during the period. Finally, Parallel Advisors LLC purchased a new stake in Summit Therapeutics during the 3rd quarter valued at approximately $39,000. 4.61% of the stock is owned by institutional investors and hedge funds.

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.