Summit Therapeutics (NASDAQ:SMMT) Rating Increased to Strong Sell at Leerink Partnrs

Leerink Partnrs upgraded shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) to a strong sell rating in a research report released on Wednesday morning,Zacks.com reports.

Other equities research analysts have also issued reports about the company. HC Wainwright reiterated a "buy" rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, April 28th. JMP Securities restated a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Monday, June 2nd. Evercore ISI began coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price objective on the stock. Leerink Partners began coverage on Summit Therapeutics in a research note on Wednesday. They set an "underperform" rating and a $12.00 price target on the stock. Finally, Summit Redstone set a $35.00 price target on Summit Therapeutics in a research note on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $35.09.

Summit Therapeutics Trading Down 1.9%

Shares of NASDAQ SMMT traded down $0.38 during trading on Wednesday, reaching $19.78. 2,891,815 shares of the company traded hands, compared to its average volume of 3,649,040. The firm's fifty day simple moving average is $23.68 and its 200 day simple moving average is $20.92. The stock has a market cap of $14.69 billion, a P/E ratio of -70.64 and a beta of -1.06. Summit Therapeutics has a 12-month low of $6.78 and a 12-month high of $36.91.

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

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds have recently made changes to their positions in the company. Golden State Wealth Management LLC grew its stake in Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after buying an additional 751 shares during the last quarter. National Bank of Canada FI purchased a new position in Summit Therapeutics during the 4th quarter worth approximately $30,000. CWM LLC grew its stake in Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after buying an additional 1,624 shares during the last quarter. Steward Partners Investment Advisory LLC grew its stake in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after buying an additional 900 shares during the last quarter. Finally, AlphaQuest LLC purchased a new position in Summit Therapeutics during the 1st quarter worth approximately $49,000. 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.