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

Summit Therapeutics (NASDAQ:SMMT) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a report issued on Wednesday, MarketBeat.com reports. The firm currently has a $35.00 target price on the stock, up from their prior target price of $23.00. Citigroup’s target price would indicate a potential upside of 69.90% from the company’s current price.

A number of other research firms have also commented on SMMT. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Cantor Fitzgerald started coverage on shares of Summit Therapeutics in a report on Friday, March 21st. They set an “overweight” rating on the stock. Wells Fargo & Company started coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective for the company. Finally, The Goldman Sachs Group began coverage on Summit Therapeutics in a report on Friday, February 28th. They issued a “buy” rating and a $42.00 target price for the company. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.44.

Summit Therapeutics Price Performance

NASDAQ:SMMT opened at $20.60 on Wednesday. The stock has a market cap of $15.20 billion, a PE ratio of -73.57 and a beta of -1.04. The stock’s 50-day moving average is $20.49 and its two-hundred day moving average is $20.18. Summit Therapeutics has a fifty-two week low of $2.10 and a fifty-two week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. On average, equities research analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Baker BROS. Advisors LP grew its holdings in shares of 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 acquiring an additional 1,202,643 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Summit Therapeutics by 20.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company’s stock valued at $116,995,000 after buying an additional 1,118,270 shares in the last quarter. FMR LLC increased its position in Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after acquiring an additional 737,692 shares during the period. Vanguard Group Inc. increased its holdings in shares of Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock worth $208,261,000 after purchasing an additional 724,040 shares during the period. Finally, Pictet Asset Management Holding SA lifted its position in shares of Summit Therapeutics by 100.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company’s stock valued at $24,755,000 after acquiring an additional 695,843 shares during the period. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.