Summit Therapeutics (NASDAQ:SMMT) Rating Increased to Strong Sell at Leerink Partnrs

Summit Therapeutics (NASDAQ:SMMT) was upgraded by stock analysts at Leerink Partnrs to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other brokerages also recently weighed in on SMMT. Evercore ISI began coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 target price for the company. Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the company a “buy” rating in a research note on Friday, April 25th. TD Cowen upgraded Summit Therapeutics to a “strong-buy” rating in a research report on Thursday, May 8th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Monday, June 2nd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $35.09.

Summit Therapeutics Stock Performance

SMMT opened at $19.58 on Wednesday. The company has a market cap of $14.54 billion, a PE ratio of -69.93 and a beta of -1.06. The stock has a 50-day moving average of $23.56 and a 200-day moving average of $20.90. Summit Therapeutics has a 52-week low of $6.78 and a 52-week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. On average, research analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Golden State Wealth Management LLC lifted its position in shares of Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after buying an additional 751 shares during the period. National Bank of Canada FI bought a new position in shares of Summit Therapeutics during the 4th quarter worth approximately $30,000. CWM LLC lifted its position in shares of Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after buying an additional 1,624 shares during the period. Steward Partners Investment Advisory LLC increased its holdings in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after purchasing an additional 900 shares in the last quarter. Finally, AlphaQuest LLC acquired a new stake in Summit Therapeutics during the 1st quarter valued at $49,000. Institutional investors 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.