Summit Therapeutics (NASDAQ:SMMT) Stock Rating Lowered by Citigroup

Citigroup lowered shares of Summit Therapeutics (NASDAQ:SMMT) from a buy rating to a neutral rating in a research note released on Friday morning, Marketbeat.com reports. They currently have $23.00 target price on the stock, up from their prior target price of $19.00.

Several other research firms have also recently issued reports on SMMT. Stifel Nicolaus upped their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the company a buy rating in a research report on Wednesday, September 25th. HC Wainwright increased their price target on Summit Therapeutics from $30.00 to $45.00 and gave the company a buy rating in a report on Monday, September 16th.

Summit Therapeutics Stock Up 4.9 %

Shares of SMMT opened at $21.90 on Friday. The business’s 50 day moving average price is $15.62 and its 200-day moving average price is $9.22. Summit Therapeutics has a 52 week low of $1.64 and a 52 week high of $33.89. The stock has a market cap of $15.37 billion, a P/E ratio of -136.88 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. On average, equities analysts anticipate that Summit Therapeutics will post -0.27 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Susquehanna Fundamental Investments LLC increased its stake in Summit Therapeutics by 37.9% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 67,378 shares of the company’s stock worth $526,000 after buying an additional 18,501 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Summit Therapeutics by 167.2% during the second quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock valued at $1,607,000 after purchasing an additional 128,934 shares in the last quarter. Millennium Management LLC bought a new stake in shares of Summit Therapeutics in the second quarter worth about $15,154,000. AQR Capital Management LLC purchased a new stake in shares of Summit Therapeutics in the second quarter worth about $484,000. Finally, Squarepoint Ops LLC lifted its position in Summit Therapeutics by 192.2% during the second quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock valued at $671,000 after purchasing an additional 56,614 shares during the last quarter. Hedge funds and other 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.