Summit Therapeutics (NASDAQ:SMMT) Upgraded at Leerink Partnrs

Leerink Partnrs upgraded shares of Summit Therapeutics (NASDAQ:SMMT) to a strong sell rating in a research report report published on Wednesday morning,Zacks.com reports.

A number of other equities research analysts also recently commented on the stock. The Goldman Sachs Group lifted their price target on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Citigroup upgraded Summit Therapeutics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. TD Cowen raised shares of Summit Therapeutics to a “strong-buy” rating in a report on Thursday, May 8th. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. Finally, Leerink Partners initiated coverage on shares of Summit Therapeutics in a research note on Wednesday. They set an “underperform” rating and a $12.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.09.

Summit Therapeutics Price Performance

Summit Therapeutics stock opened at $19.78 on Wednesday. The stock has a market cap of $14.69 billion, a price-to-earnings ratio of -70.64 and a beta of -1.06. The firm has a 50 day simple moving average of $23.68 and a 200-day simple moving average of $20.91. Summit Therapeutics has a 1-year low of $6.78 and a 1-year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. Equities analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Summit Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock worth $208,261,000 after purchasing an additional 724,040 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock worth $116,995,000 after buying an additional 1,118,270 shares during the period. Geode Capital Management LLC boosted its position in shares of Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock worth $57,133,000 after buying an additional 101,039 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Summit Therapeutics by 3.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company’s stock worth $26,501,000 after buying an additional 52,359 shares during the period. Finally, Pictet Asset Management Holding SA boosted its position in Summit Therapeutics by 100.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company’s stock worth $24,755,000 after acquiring an additional 695,843 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.