Summit Therapeutics (NASDAQ:SMMT) Rating Increased to Strong-Buy at TD Cowen

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) was upgraded by analysts at TD Cowen to a "strong-buy" rating in a report issued on Thursday, May 8th,Zacks.com reports.

A number of other equities research analysts have also recently commented on SMMT. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. HC Wainwright restated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. The Goldman Sachs Group raised their target price on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their price target for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Finally, Summit Redstone set a $35.00 target price on Summit Therapeutics in a research note on Wednesday, March 26th. One equities research 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $37.40.

Summit Therapeutics Trading Down 3.7%

NASDAQ SMMT traded down $0.84 during mid-day trading on Thursday, hitting $21.91. The company's stock had a trading volume of 550,267 shares, compared to its average volume of 3,863,155. The firm has a market capitalization of $16.27 billion, a price-to-earnings ratio of -78.84 and a beta of -0.94. Summit Therapeutics has a twelve month low of $2.10 and a twelve month high of $36.91. The company's 50 day simple moving average is $22.28 and its 200 day simple moving average is $20.50.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released 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. As a group, research analysts forecast that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after purchasing an additional 724,040 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in 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 buying an additional 1,118,270 shares during the period. Geode Capital Management LLC grew its holdings in Summit Therapeutics by 3.3% during 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. lifted its position in shares of Summit Therapeutics by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company's stock worth $26,501,000 after buying an additional 52,359 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its position in Summit Therapeutics by 100.6% in 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 purchasing an additional 695,843 shares during the last quarter. Hedge funds and other institutional investors 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.