Zacks Research Downgrades Summit Therapeutics (NASDAQ:SMMT) to Strong Sell

Summit Therapeutics (NASDAQ:SMMT) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

SMMT has been the topic of a number of other reports. Summit Redstone set a $18.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, December 17th. Wolfe Research began coverage on shares of Summit Therapeutics in a research report on Tuesday, November 18th. They set a “peer perform” rating on the stock. JMP Securities reiterated a “market outperform” rating and issued a $40.00 price target on shares of Summit Therapeutics in a research note on Monday, October 20th. Piper Sandler set a $40.00 price objective on Summit Therapeutics in a research note on Wednesday, January 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.62.

Summit Therapeutics Trading Down 4.0%

SMMT stock opened at $13.85 on Wednesday. Summit Therapeutics has a twelve month low of $13.83 and a twelve month high of $36.91. The company has a market capitalization of $10.68 billion, a P/E ratio of -11.17 and a beta of -1.44. The firm has a 50 day simple moving average of $17.21 and a 200-day simple moving average of $20.33.

Institutional Trading of Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Summit Therapeutics by 31.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after purchasing an additional 2,706,056 shares during the last quarter. Norges Bank acquired a new stake in Summit Therapeutics in the second quarter worth $29,576,000. APEIRON CAPITAL Ltd bought a new stake in Summit Therapeutics in the second quarter valued at $25,556,000. Fiera Capital Corp bought a new stake in Summit Therapeutics in the second quarter valued at $16,659,000. Finally, Capricorn Fund Managers Ltd acquired a new position in shares of Summit Therapeutics during the third quarter valued at $10,253,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.