Summit Therapeutics (NASDAQ:SMMT) Given Market Outperform Rating at Citizens Jmp

Citizens Jmp reiterated their market outperform rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a report published on Friday morning,Benzinga reports. They currently have a $40.00 target price on the stock.

Other equities analysts have also issued research reports about the company. Barclays raised Summit Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $16.00 to $18.00 in a research note on Wednesday, December 17th. Summit Redstone set a $18.00 price target on shares of Summit Therapeutics in a research report on Wednesday, December 17th. Wolfe Research started coverage on shares of Summit Therapeutics in a report on Tuesday, November 18th. They set a “peer perform” rating on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Summit Therapeutics in a research note on Friday. Finally, JMP Securities reissued a “market outperform” rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Summit Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $33.62.

Summit Therapeutics Trading Down 6.0%

NASDAQ SMMT opened at $14.48 on Friday. Summit Therapeutics has a 1-year low of $14.43 and a 1-year high of $36.91. The company has a 50 day moving average of $17.50 and a 200-day moving average of $20.67. The firm has a market cap of $11.17 billion, a price-to-earnings ratio of -11.68 and a beta of -1.51.

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in SMMT. Ball & Co Wealth Management Inc. bought a new position in shares of Summit Therapeutics in the 2nd quarter worth $31,000. Crowley Wealth Management Inc. lifted its stake 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 buying an additional 600 shares during the period. SBI Securities Co. Ltd. boosted its holdings in Summit Therapeutics by 34.1% during the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after buying an additional 447 shares during the last quarter. Parallel Advisors LLC acquired a new position in shares of Summit Therapeutics during the 3rd quarter worth about $39,000. Finally, PNC Financial Services Group Inc. grew its position in shares of Summit Therapeutics by 325.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,638 shares of the company’s stock worth $56,000 after buying an additional 2,018 shares during the period. 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.