Summit Therapeutics (NASDAQ:SMMT) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) from a sell rating to a hold rating in a research report report published on Tuesday morning.

A number of other research firms have also weighed in on SMMT. The Goldman Sachs Group raised their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. JMP Securities reaffirmed a "market outperform" rating and set a $40.00 price objective on shares of Summit Therapeutics in a research report on Monday, April 28th. TD Cowen raised Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. Evercore ISI initiated coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price objective for the company. Finally, Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and raised their price objective for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $37.40.

Summit Therapeutics Stock Up 3.4%

Shares of NASDAQ:SMMT traded up $0.78 during trading on Tuesday, hitting $23.87. The stock had a trading volume of 1,650,699 shares, compared to its average volume of 3,880,827. Summit Therapeutics has a 12 month low of $2.10 and a 12 month high of $36.91. The company has a market capitalization of $17.73 billion, a PE ratio of -85.25 and a beta of -0.94. The firm's fifty day moving average is $22.49 and its 200 day moving average is $20.52.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. Equities research analysts expect that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several institutional investors have recently added to or reduced their stakes in SMMT. Brooklyn Investment Group purchased a new position in shares of Summit Therapeutics in the 4th quarter worth $29,000. Golden State Wealth Management LLC increased its stake in Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after acquiring an additional 751 shares during the last quarter. National Bank of Canada FI bought a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $30,000. CWM LLC grew its stake in shares of Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after buying an additional 1,624 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its stake in Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after purchasing an additional 900 shares in the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company's lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.