Summit Therapeutics (NASDAQ:SMMT) Lowered to "Sell" Rating by Wall Street Zen

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

A number of other equities analysts have also recently issued reports on SMMT. Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the stock a "buy" rating in a report on Friday, April 25th. The Goldman Sachs Group lifted their price target on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Evercore ISI initiated coverage on Summit Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price objective on the stock. HC Wainwright reaffirmed a "buy" rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, April 28th. Finally, Leerink Partnrs upgraded shares of Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. Three research analysts have rated the stock with a sell rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $35.09.

Summit Therapeutics Trading Up 2.0%

SMMT stock traded up $0.40 during trading hours on Friday, hitting $20.56. 2,998,974 shares of the stock traded hands, compared to its average volume of 3,626,690. The stock has a 50-day simple moving average of $23.76 and a 200 day simple moving average of $20.99. The company has a market cap of $15.27 billion, a P/E ratio of -60.47 and a beta of -1.06. Summit Therapeutics has a one year low of $6.78 and a one year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. Analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after purchasing an additional 1,118,270 shares during the period. Vanguard Group Inc. lifted its position in Summit Therapeutics by 6.6% in the 4th 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. Pictet Asset Management Holding SA boosted its stake in shares of Summit Therapeutics by 100.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock valued at $24,755,000 after buying an additional 695,843 shares during the period. Siren L.L.C. acquired a new stake in shares of Summit Therapeutics during the 1st quarter valued at $13,407,000. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Summit Therapeutics during the 1st quarter valued at $10,378,000. Institutional investors and hedge funds own 4.61% of the company's stock.

Summit Therapeutics Company Profile

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.