Wall Street Zen Upgrades Summit Therapeutics (NASDAQ:SMMT) to Hold

Wall Street Zen upgraded shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) from a sell rating to a hold rating in a research report report published on Sunday morning.

A number of other brokerages also recently commented on SMMT. Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Leerink Partners assumed coverage on Summit Therapeutics in a research report on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 price objective on the stock. Jefferies Financial Group set a $44.00 target price on shares of Summit Therapeutics and gave the company a "buy" rating in a report on Friday, April 25th. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a report on Wednesday, March 26th. Finally, Evercore ISI started coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Summit Therapeutics has an average rating of "Moderate Buy" and an average target price of $34.67.

Summit Therapeutics Price Performance

NASDAQ:SMMT traded up $1.05 during midday trading on Friday, hitting $22.25. The company's stock had a trading volume of 1,794,727 shares, compared to its average volume of 3,654,505. Summit Therapeutics has a fifty-two week low of $6.78 and a fifty-two week high of $36.91. The firm has a market cap of $16.53 billion, a P/E ratio of -65.20 and a beta of -1.02. The firm's 50 day moving average is $23.19 and its 200-day moving average is $21.13.

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

Institutional Trading of Summit Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers lifted its stake in Summit Therapeutics by 5.2% in the 1st quarter. Rhumbline Advisers now owns 131,760 shares of the company's stock valued at $2,542,000 after buying an additional 6,558 shares in the last quarter. Siren L.L.C. acquired a new stake in shares of Summit Therapeutics in the first quarter worth approximately $13,407,000. Focus Partners Wealth boosted its stake in shares of Summit Therapeutics by 145,546.6% in the first quarter. Focus Partners Wealth now owns 84,475 shares of the company's stock worth $1,630,000 after acquiring an additional 84,417 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock worth $1,273,000 after purchasing an additional 694 shares in the last quarter. Finally, Cutter Capital Management LP acquired a new position in Summit Therapeutics in the 1st quarter valued at $7,716,000. 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.