Summit Therapeutics (NASDAQ:SMMT) Trading 12.1% Higher Following Analyst Upgrade

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price shot up 12.1% during mid-day trading on Wednesday after Truist Financial upgraded the stock to a strong-buy rating. The stock traded as high as $17.26 and last traded at $17.4210. 1,201,068 shares were traded during mid-day trading, a decline of 54% from the average session volume of 2,593,409 shares. The stock had previously closed at $15.54.

Several other research firms have also issued reports on SMMT. Jefferies Financial Group lowered Summit Therapeutics from a “buy” rating to a “hold” rating and reduced their target price for the company from $42.00 to $15.00 in a report on Monday, March 16th. HC Wainwright cut their price objective on Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Citizens Jmp restated a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Friday, January 30th. Summit Redstone set a $18.00 target price on Summit Therapeutics in a research report on Wednesday, December 17th. Finally, Piper Sandler set a $40.00 price target on shares of Summit Therapeutics in a report on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.83.

Institutional Trading of Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the business. Crowley Wealth Management Inc. lifted its stake in shares of Summit Therapeutics by 66.7% during the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after buying an additional 600 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Summit Therapeutics in the 4th quarter valued at approximately $28,000. Parallel Advisors LLC bought a new stake in Summit Therapeutics during the 3rd quarter valued at $39,000. T. Rowe Price Investment Management Inc. raised its holdings in Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after acquiring an additional 1,805 shares during the period. Finally, Truvestments Capital LLC lifted its position in shares of Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after acquiring an additional 1,736 shares in the last quarter. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Down 3.8%

The firm has a 50-day simple moving average of $15.72 and a 200-day simple moving average of $17.72. The stock has a market cap of $13.38 billion, a PE ratio of -11.90 and a beta of -1.43.

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

Summit Therapeutics Company Profile

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.