Citigroup Lowers Summit Therapeutics (NASDAQ:SMMT) to Neutral

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

Several other brokerages have also recently commented on SMMT. Stifel Nicolaus boosted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a buy rating in a research note on Wednesday, September 25th. HC Wainwright lifted their target price on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a buy rating in a research report on Monday, September 16th.

Summit Therapeutics Stock Down 8.4 %

SMMT opened at $20.89 on Friday. The company has a market capitalization of $15.14 billion, a price-to-earnings ratio of -130.53 and a beta of -0.99. The firm has a 50-day moving average price of $15.38 and a 200-day moving average price of $9.06. Summit Therapeutics has a twelve month low of $1.64 and a twelve month high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, sell-side analysts expect that Summit Therapeutics will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. increased its position in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares during the period. Sectoral Asset Management Inc. raised its position in shares of Summit Therapeutics by 50.0% in the 4th quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after purchasing an additional 10,000 shares during the last quarter. Virtu Financial LLC boosted its stake in Summit Therapeutics by 23.3% in the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after purchasing an additional 3,846 shares in the last quarter. Fullcircle Wealth LLC purchased a new position in Summit Therapeutics in the second quarter worth about $95,000. Finally, EntryPoint Capital LLC purchased a new stake in Summit Therapeutics during the 1st quarter valued at $100,000. 4.61% of the stock is currently owned by institutional investors.

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.