Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 12.1% After Analyst Upgrade

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price shot up 12.1% 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 trading, a decline of 54% from the average session volume of 2,593,409 shares. The stock had previously closed at $15.54.

Other research analysts have also issued reports about the company. Piper Sandler set a $40.00 price objective on Summit Therapeutics in a research report on Wednesday, January 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Thursday, January 22nd. HC Wainwright cut their target price on shares of Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Jefferies Financial Group downgraded shares of Summit Therapeutics from a “buy” rating to a “hold” rating and dropped their price target for the stock from $42.00 to $15.00 in a research note on Monday, March 16th. Finally, Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.83.

Institutional Trading of Summit Therapeutics

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

Summit Therapeutics Stock Down 3.8%

The stock has a market capitalization of $13.38 billion, a P/E ratio of -11.90 and a beta of -1.43. The company has a fifty day simple moving average of $15.72 and a two-hundred day simple moving average of $17.72.

Summit Therapeutics (NASDAQ:SMMT) last released 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 analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

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.