Summit Therapeutics (NASDAQ:SMMT) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Summit Therapeutics (NASDAQ:SMMT) from a hold rating to a sell rating in a research note published on Saturday morning.

SMMT has been the topic of a number of other research reports. 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. Leerink Partners started coverage on shares of Summit Therapeutics in a research report on Wednesday, June 11th. They issued an “underperform” rating and a $12.00 target price for the company. Summit Redstone set a $35.00 target price on shares of Summit Therapeutics in a research report on Wednesday, March 26th. HC Wainwright reiterated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, April 28th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.09.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $20.39 on Friday. Summit Therapeutics has a twelve month low of $6.78 and a twelve month high of $36.91. The stock has a market cap of $15.14 billion, a price-to-earnings ratio of -59.97 and a beta of -1.06. The firm’s 50 day moving average price is $23.65 and its two-hundred day moving average price is $21.03.

Summit Therapeutics (NASDAQ:SMMT) last released 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 forecast that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Golden State Wealth Management LLC boosted its position in shares of Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock valued at $29,000 after acquiring an additional 751 shares during the period. National Bank of Canada FI bought a new stake in Summit Therapeutics in the 4th quarter valued at $30,000. CWM LLC boosted its holdings in Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock valued at $32,000 after purchasing an additional 1,624 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in Summit Therapeutics by 56.1% in 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 during the period. Finally, AlphaQuest LLC bought a new stake in Summit Therapeutics in 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.