Summit Therapeutics (NASDAQ:SMMT) Upgraded at Truist Financial

Truist Financial upgraded shares of Summit Therapeutics (NASDAQ:SMMT) to a strong-buy rating in a research note published on Wednesday,Zacks.com reports.

Other analysts also recently issued reports about the company. Citigroup reiterated a “buy” rating on shares of Summit Therapeutics in a research note on Tuesday, February 24th. Citizens Jmp restated a “market outperform” rating and issued a $40.00 price target on shares of Summit Therapeutics in a research note on Friday, January 30th. Summit Redstone set a $18.00 price target on Summit Therapeutics in a report on Wednesday, December 17th. HC Wainwright dropped 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. Finally, Jefferies Financial Group downgraded Summit Therapeutics from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $42.00 to $15.00 in a report on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $29.83.

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock opened at $16.58 on Wednesday. The company has a 50-day simple moving average of $15.71 and a two-hundred day simple moving average of $17.70. The stock has a market capitalization of $12.86 billion, a PE ratio of -11.43 and a beta of -1.43. Summit Therapeutics has a 52-week low of $13.83 and a 52-week high of $36.91.

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

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL bought a new stake in Summit Therapeutics during the third quarter valued at about $7,174,000. Farther Finance Advisors LLC purchased a new stake in Summit Therapeutics in the third quarter worth about $1,141,000. Vanguard Group Inc. raised its stake in shares of Summit Therapeutics by 31.2% in the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after buying an additional 2,706,056 shares during the period. New York State Common Retirement Fund raised its stake in shares of Summit Therapeutics by 774.5% in the second quarter. New York State Common Retirement Fund now owns 256,890 shares of the company’s stock worth $5,467,000 after buying an additional 227,513 shares during the period. Finally, WINTON GROUP Ltd purchased a new position in shares of Summit Therapeutics during the 3rd quarter valued at about $1,341,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.