Summit Therapeutics (NASDAQ:SMMT) Upgraded by Leerink Partnrs to "Strong Sell" Rating

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

A number of other brokerages also recently issued reports on SMMT. Summit Redstone set a $35.00 price target on Summit Therapeutics in a report on Wednesday, March 26th. The Goldman Sachs Group upped their price target on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, April 28th. Wall Street Zen raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $35.09.

Summit Therapeutics Trading Up 3.0%

Shares of SMMT stock traded up $0.58 during trading hours on Wednesday, reaching $20.16. The company's stock had a trading volume of 3,638,985 shares, compared to its average volume of 3,637,855. The stock has a market capitalization of $14.97 billion, a P/E ratio of -72.00 and a beta of -1.06. Summit Therapeutics has a one year low of $6.78 and a one year high of $36.91. The firm's fifty day simple moving average is $23.56 and its 200 day simple moving average is $20.90.

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

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SMMT. Wells Fargo & Company MN increased its holdings in 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 during the period. Principal Financial Group Inc. grew its stake in Summit Therapeutics by 252.8% during the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock worth $3,661,000 after buying an additional 147,003 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Summit Therapeutics by 358.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock worth $3,664,000 after buying an additional 160,592 shares during the last quarter. Bank of America Corp DE grew its stake in Summit Therapeutics by 10.5% during the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after buying an additional 40,908 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in 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 acquiring an additional 724,040 shares during the period. 4.61% of the stock is owned by institutional investors.

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.