Summit Therapeutics (NASDAQ:SMMT) Upgraded by Citigroup to “Buy” Rating

Citigroup upgraded shares of Summit Therapeutics (NASDAQ:SMMT) from a neutral rating to a buy rating in a research note released on Wednesday morning, Marketbeat.com reports. The firm currently has $35.00 price target on the stock, up from their prior price target of $23.00.

SMMT has been the subject of a number of other reports. Jefferies Financial Group assumed coverage on Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. The Goldman Sachs Group began coverage on Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 price objective on the stock. Finally, Truist Financial started coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target on the stock. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.44.

Summit Therapeutics Stock Down 1.4 %

SMMT opened at $20.32 on Wednesday. The firm has a market capitalization of $14.99 billion, a P/E ratio of -72.57 and a beta of -1.04. The stock’s 50 day moving average price is $20.51 and its two-hundred day moving average price is $20.19. Summit Therapeutics has a 12-month low of $2.10 and a 12-month high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $0.20 million during the quarter. As a group, analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently bought and sold shares of SMMT. Baker BROS. Advisors LP raised its position in Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares in the last quarter. Vanguard Group Inc. grew its position in Summit Therapeutics by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after acquiring an additional 724,040 shares during the last quarter. FMR LLC raised its stake in Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after acquiring an additional 737,692 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Summit Therapeutics by 20.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock valued at $116,995,000 after purchasing an additional 1,118,270 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Summit Therapeutics by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock valued at $57,133,000 after purchasing an additional 101,039 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

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.