Leerink Partnrs Upgrades Summit Therapeutics (NASDAQ:SMMT) to Strong Sell

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

Other equities research analysts have also recently issued reports about the stock. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the stock a “buy” rating in a research report on Friday, April 25th. The Goldman Sachs Group increased their price objective on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Summit Redstone set a $35.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, March 26th. Wall Street Zen upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday, April 28th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Summit Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $35.09.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $19.58 on Wednesday. Summit Therapeutics has a 52-week low of $6.78 and a 52-week high of $36.91. The firm has a 50 day moving average price of $23.56 and a two-hundred day moving average price of $20.90. The stock has a market cap of $14.54 billion, a P/E ratio of -69.93 and a beta of -1.06.

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

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently bought and sold shares of SMMT. Rhumbline Advisers grew its holdings in Summit Therapeutics by 4.5% in the fourth quarter. Rhumbline Advisers now owns 125,202 shares of the company’s stock worth $2,234,000 after purchasing an additional 5,394 shares during the period. Principal Financial Group Inc. grew its holdings in Summit Therapeutics by 252.8% in the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock worth $3,661,000 after purchasing an additional 147,003 shares during the period. CIBC Asset Management Inc grew its holdings in Summit Therapeutics by 5.5% in the fourth quarter. CIBC Asset Management Inc now owns 21,577 shares of the company’s stock worth $385,000 after purchasing an additional 1,132 shares during the period. New York State Common Retirement Fund grew its holdings in Summit Therapeutics by 18.6% in the fourth quarter. New York State Common Retirement Fund now owns 29,377 shares of the company’s stock worth $524,000 after purchasing an additional 4,600 shares during the period. Finally, World Equity Group Inc. grew its holdings in Summit Therapeutics by 94.3% in the fourth quarter. World Equity Group Inc. now owns 28,834 shares of the company’s stock worth $515,000 after purchasing an additional 13,992 shares during the period. 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.