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 note issued to investors on Tuesday morning.

SMMT has been the subject of a number of other research reports. Evercore ISI assumed coverage on Summit Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 target price for the company. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the stock a "buy" rating in a research report on Friday, April 25th. TD Cowen upgraded shares of Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a report on Wednesday, March 26th. Finally, JMP Securities reissued a "market outperform" rating and issued a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $37.40.

Summit Therapeutics Price Performance

NASDAQ:SMMT traded up $0.78 during trading hours on Tuesday, reaching $23.87. 1,650,699 shares of the company were exchanged, compared to its average volume of 3,891,670. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $36.91. The company has a market capitalization of $17.73 billion, a P/E ratio of -85.25 and a beta of -0.94. The business has a 50 day moving average of $22.49 and a 200 day moving average of $20.55.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly 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. As a group, equities research analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

Hedge funds have recently modified their holdings of the business. Griffin Asset Management Inc. grew its stake in Summit Therapeutics by 63.3% in the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company's stock worth $1,975,000 after purchasing an additional 42,900 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new position in Summit Therapeutics in the fourth quarter valued at $444,000. China Universal Asset Management Co. Ltd. raised its holdings in Summit Therapeutics by 12.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company's stock worth $2,790,000 after purchasing an additional 17,014 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Summit Therapeutics by 79.2% during the 4th quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock worth $1,700,000 after purchasing an additional 42,090 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Summit Therapeutics by 252.8% in the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after purchasing an additional 147,003 shares during the last quarter. Institutional investors own 4.61% of the company's stock.

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.