Zacks Research Downgrades Summit Therapeutics (NASDAQ:SMMT) to Strong Sell

Summit Therapeutics (NASDAQ:SMMT) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

SMMT has been the topic of several other research reports. Citizens Jmp reissued a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Friday, January 30th. Wolfe Research assumed coverage on shares of Summit Therapeutics in a research note on Tuesday, November 18th. They set a “peer perform” rating for the company. Summit Redstone set a $18.00 target price on Summit Therapeutics in a research report on Wednesday, December 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Thursday, January 22nd. Finally, Guggenheim reiterated a “buy” rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $33.62.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT opened at $13.85 on Wednesday. The business has a fifty day moving average price of $17.21 and a 200 day moving average price of $20.33. Summit Therapeutics has a 1-year low of $13.83 and a 1-year high of $36.91. The stock has a market capitalization of $10.68 billion, a P/E ratio of -11.17 and a beta of -1.44.

Institutional Inflows and Outflows

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

Summit Therapeutics Company Profile

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.