Summit Therapeutics (NASDAQ:SMMT) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of Summit Therapeutics (NASDAQ:SMMT) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other brokerages have also recently commented on SMMT. Guggenheim restated a “buy” rating and issued a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, October 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a report on Thursday, January 22nd. Barclays raised shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $16.00 to $18.00 in a research note on Wednesday, December 17th. Summit Redstone set a $18.00 price target on shares of Summit Therapeutics in a research note on Wednesday, December 17th. Finally, Citigroup reissued a “market outperform” rating on shares of Summit Therapeutics in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Summit Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $33.62.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $13.85 on Wednesday. The company’s 50-day moving average price is $17.21 and its two-hundred day moving average price is $20.33. Summit Therapeutics has a one year low of $13.83 and a one year high of $36.91. The stock has a market capitalization of $10.68 billion, a PE ratio of -11.17 and a beta of -1.44.

Institutional Trading of Summit Therapeutics

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Summit Therapeutics by 31.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after buying an additional 2,706,056 shares during the last quarter. Norges Bank bought a new stake in shares of Summit Therapeutics during the second quarter worth approximately $29,576,000. APEIRON CAPITAL Ltd grew its position in shares of Summit Therapeutics by 9.2% in the third quarter. APEIRON CAPITAL Ltd now owns 1,310,941 shares of the company’s stock valued at $27,084,000 after purchasing an additional 110,000 shares during the last quarter. Fiera Capital Corp acquired a new position in shares of Summit Therapeutics in the second quarter valued at approximately $16,659,000. Finally, Bank of America Corp DE increased its stake in shares of Summit Therapeutics by 16.1% during the third quarter. Bank of America Corp DE now owns 657,313 shares of the company’s stock worth $13,580,000 after purchasing an additional 91,166 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.