Summit Therapeutics (NASDAQ:SMMT) Upgraded by Citigroup to “Buy” Rating

Summit Therapeutics (NASDAQ:SMMT) was upgraded by investment analysts at Citigroup from a “neutral” rating to a “buy” rating in a report issued on Wednesday,Finviz reports. The firm presently has a $35.00 target price on the stock, up from their previous target price of $23.00. Citigroup’s price objective would indicate a potential upside of 72.92% from the stock’s previous close.

Several other equities research analysts have also commented on the company. Wells Fargo & Company began coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective for the company. Evercore ISI began coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Cantor Fitzgerald initiated coverage on shares of Summit Therapeutics in a report on Friday, March 21st. They issued an “overweight” rating for the company. Finally, The Goldman Sachs Group began coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 price target on the stock. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.44.

Summit Therapeutics Price Performance

Summit Therapeutics stock opened at $20.24 on Wednesday. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89. The business’s fifty day moving average is $20.41 and its 200 day moving average is $20.18. The stock has a market capitalization of $14.93 billion, a PE ratio of -72.28 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. As a group, sell-side analysts expect that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SMMT. Baker BROS. Advisors LP boosted its position in Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after buying an additional 1,202,643 shares during the period. Cerity Partners LLC purchased a new stake in shares of Summit Therapeutics in the third quarter valued at approximately $2,178,000. FMR LLC grew its stake in Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after purchasing an additional 737,692 shares in the last quarter. Griffin Asset Management Inc. increased its holdings in Summit Therapeutics by 63.3% during the 4th quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock worth $1,975,000 after purchasing an additional 42,900 shares during the period. Finally, SeaCrest Wealth Management LLC purchased a new position in Summit Therapeutics during the 4th quarter worth $444,000. 4.61% of the stock is currently 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.