Summit Therapeutics (NASDAQ:SMMT) Cut to Sell at Wall Street Zen

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts have also recently weighed in on SMMT. The Goldman Sachs Group increased their price objective on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Summit Redstone set a $35.00 price target on Summit Therapeutics in a report on Wednesday, March 26th. JMP Securities reissued a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Monday, June 2nd. Jefferies Financial Group set a $44.00 price target on Summit Therapeutics and gave the stock a "buy" rating in a report on Friday, April 25th. Finally, Evercore ISI initiated coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $35.09.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT traded up $0.53 during mid-day trading on Friday, reaching $20.92. 3,574,160 shares of the company's stock were exchanged, compared to its average volume of 3,623,168. Summit Therapeutics has a twelve month low of $6.78 and a twelve month high of $36.91. The firm has a market capitalization of $15.54 billion, a price-to-earnings ratio of -61.53 and a beta of -1.06. The business's fifty day moving average price is $23.65 and its 200-day moving average price is $21.03.

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

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after buying an additional 724,040 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Summit Therapeutics by 20.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after acquiring an additional 1,118,270 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Summit Therapeutics by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock worth $57,133,000 after acquiring an additional 101,039 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Summit Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company's stock valued at $26,501,000 after purchasing an additional 52,359 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its holdings in shares of Summit Therapeutics by 100.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock valued at $24,755,000 after purchasing an additional 695,843 shares during the last quarter. 4.61% of the stock is 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.