Summit Therapeutics (NASDAQ:SMMT) Upgraded by Sanford C. Bernstein to “Strong Sell” Rating

Sanford C. Bernstein upgraded shares of Summit Therapeutics (NASDAQ:SMMT) to a strong sell rating in a research report sent to investors on Thursday,Zacks.com reports.

Several other research analysts have also recently weighed in on SMMT. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Friday. Truist Financial raised shares of Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Tuesday, April 21st. Finally, Citigroup initiated coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating for the company. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $26.05.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $16.62 on Thursday. The business has a fifty day simple moving average of $18.92 and a two-hundred day simple moving average of $17.60. Summit Therapeutics has a 1 year low of $13.83 and a 1 year high of $30.98. The company has a market capitalization of $12.90 billion, a price-to-earnings ratio of -10.39 and a beta of -1.25.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.03. As a group, equities analysts anticipate that Summit Therapeutics will post -1.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. bought a new stake in shares of Summit Therapeutics during the 1st quarter worth $28,000. Kestra Advisory Services LLC acquired a new position in Summit Therapeutics during the fourth quarter worth about $28,000. T. Rowe Price Investment Management Inc. lifted its holdings 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 acquiring an additional 1,805 shares during the last quarter. Parallel Advisors LLC acquired a new stake in shares of Summit Therapeutics in the 3rd quarter valued at approximately $39,000. Finally, Truvestments Capital LLC boosted its stake in shares of Summit Therapeutics by 200.2% in the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after purchasing an additional 1,736 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.