Summit Therapeutics (NASDAQ:SMMT) Upgraded to “Strong Sell” at Sanford C. Bernstein

Summit Therapeutics (NASDAQ:SMMT) was upgraded by investment analysts at Sanford C. Bernstein to a “strong sell” rating in a report released on Thursday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. HC Wainwright downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Friday. Truist Financial raised Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Finally, Citigroup assumed coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $26.05.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $16.62 on Thursday. Summit Therapeutics has a fifty-two week low of $13.83 and a fifty-two week high of $30.98. The stock’s 50-day moving average is $18.92 and its two-hundred day moving average is $17.60. The firm has a market cap of $12.90 billion, a P/E ratio of -10.39 and a beta of -1.25.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Thursday, April 30th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.03. On average, equities analysts expect that Summit Therapeutics will post -1.17 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently added to or reduced their stakes in SMMT. AQR Capital Management LLC grew its position in Summit Therapeutics by 5.0% during the first quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock worth $1,266,000 after buying an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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 in the last quarter. Creative Planning grew its position in Summit Therapeutics by 6.7% during the second quarter. Creative Planning now owns 21,390 shares of the company’s stock worth $455,000 after buying an additional 1,336 shares in the last quarter. Legal & General Group Plc grew its position in Summit Therapeutics by 33.8% during the second quarter. Legal & General Group Plc now owns 26,367 shares of the company’s stock worth $561,000 after buying an additional 6,662 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Summit Therapeutics during the second quarter worth about $132,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

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.