Summit Therapeutics (NASDAQ:SMMT) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Summit Therapeutics (NASDAQ:SMMT) from a strong sell rating to a hold rating in a research note published on Thursday morning,Zacks.com reports.

Other analysts also recently issued reports about the company. Barclays upgraded Summit Therapeutics from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $16.00 to $18.00 in a report on Wednesday, December 17th. HC Wainwright lowered their price target on Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Citizens Jmp restated a “market outperform” rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Friday, January 30th. Wolfe Research started coverage on Summit Therapeutics in a report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.25.

Summit Therapeutics Stock Performance

Summit Therapeutics stock traded up $0.17 during trading on Thursday, reaching $15.11. The company had a trading volume of 2,307,426 shares, compared to its average volume of 1,973,649. Summit Therapeutics has a 12-month low of $13.83 and a 12-month high of $36.91. The stock’s 50 day moving average price is $16.23 and its two-hundred day moving average price is $18.60. The firm has a market capitalization of $11.72 billion, a price-to-earnings ratio of -10.42 and a beta of -1.43.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). As a group, research analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Trading of Summit Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC purchased a new position in Summit Therapeutics in the fourth quarter valued at about $1,723,000. T. Rowe Price Investment Management Inc. boosted its position in shares of Summit Therapeutics by 2,654.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after buying an additional 1,805 shares during the period. Invesco Ltd. boosted its position in shares of Summit Therapeutics by 8.3% in the fourth quarter. Invesco Ltd. now owns 461,301 shares of the company’s stock worth $8,068,000 after buying an additional 35,226 shares during the period. Beacon Pointe Advisors LLC grew its stake in shares of Summit Therapeutics by 10.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 39,611 shares of the company’s stock valued at $693,000 after buying an additional 3,885 shares in the last quarter. Finally, Virtus Investment Advisers LLC grew its stake in shares of Summit Therapeutics by 168.3% in the fourth quarter. Virtus Investment Advisers LLC now owns 15,141 shares of the company’s stock valued at $265,000 after buying an additional 9,497 shares in the last quarter. 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.