Summit Therapeutics (NASDAQ:SMMT) Upgraded at Citigroup

Citigroup upgraded shares of Summit Therapeutics (NASDAQ:SMMT) from a neutral rating to a buy rating in a report released on Wednesday morning, MarketBeat Ratings reports. Citigroup currently has $35.00 price target on the stock, up from their prior price target of $23.00.

SMMT has been the subject of several other research reports. Truist Financial started coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective for the company. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target on the stock. Evercore ISI began coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective for the company. Finally, StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.44.

Summit Therapeutics Stock Performance

SMMT opened at $20.32 on Wednesday. The company has a market cap of $14.99 billion, a PE ratio of -72.57 and a beta of -1.04. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89. The firm has a 50 day moving average price of $20.51 and a 200 day moving average price of $20.19.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. On average, sell-side analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SMMT. Brooklyn Investment Group acquired a new stake in Summit Therapeutics in the fourth quarter valued at approximately $29,000. National Bank of Canada FI bought a new stake in Summit Therapeutics in the fourth quarter worth $30,000. Steward Partners Investment Advisory LLC lifted its position in shares of Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after buying an additional 900 shares during the last quarter. Rakuten Securities Inc. bought a new stake in shares of Summit Therapeutics during the 4th quarter worth about $71,000. Finally, Fred Alger Management LLC acquired a new position in shares of Summit Therapeutics during the 3rd quarter valued at about $105,000. 4.61% of the stock is owned by institutional investors and hedge funds.

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.