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

Summit Therapeutics (NASDAQ:SMMT) was upgraded by equities research analysts at Leerink Partnrs to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

SMMT has been the subject of several other reports. Summit Redstone set a $35.00 price objective on Summit Therapeutics in a report on Wednesday, March 26th. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. Citigroup raised Summit Therapeutics from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. TD Cowen raised Summit Therapeutics to a “strong-buy” rating in a report on Thursday, May 8th. Finally, The Goldman Sachs Group boosted their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Two analysts have rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $35.09.

Summit Therapeutics Stock Down 11.3%

Summit Therapeutics stock opened at $19.58 on Wednesday. The business’s 50-day simple moving average is $23.56 and its 200 day simple moving average is $20.90. The stock has a market cap of $14.54 billion, a price-to-earnings ratio of -69.93 and a beta of -1.06. Summit Therapeutics has a 12-month low of $6.78 and a 12-month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.01. As a group, sell-side analysts expect that Summit Therapeutics will post -0.3 EPS for the current year.

Institutional Trading of Summit Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SMMT. Rhumbline Advisers grew its position in shares of Summit Therapeutics by 4.5% in the 4th quarter. Rhumbline Advisers now owns 125,202 shares of the company’s stock valued at $2,234,000 after purchasing an additional 5,394 shares during the period. Principal Financial Group Inc. grew its position in shares of Summit Therapeutics by 252.8% in the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock valued at $3,661,000 after purchasing an additional 147,003 shares during the period. CIBC Asset Management Inc grew its position in shares of Summit Therapeutics by 5.5% in the 4th quarter. CIBC Asset Management Inc now owns 21,577 shares of the company’s stock valued at $385,000 after purchasing an additional 1,132 shares during the period. New York State Common Retirement Fund grew its position in shares of Summit Therapeutics by 18.6% in the 4th quarter. New York State Common Retirement Fund now owns 29,377 shares of the company’s stock valued at $524,000 after purchasing an additional 4,600 shares during the period. Finally, World Equity Group Inc. grew its position in shares of Summit Therapeutics by 94.3% in the 4th quarter. World Equity Group Inc. now owns 28,834 shares of the company’s stock valued at $515,000 after purchasing an additional 13,992 shares during the period. 4.61% of the stock is owned by institutional investors.

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.