Summit Therapeutics (NASDAQ:SMMT) Raised to “Buy” at Citigroup

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

A number of other analysts also recently weighed in on SMMT. Truist Financial initiated coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target on the stock. The Goldman Sachs Group assumed coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They set a “buy” rating and a $42.00 price target on the stock. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 target price on the stock. Finally, Evercore ISI began coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.44.

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock opened at $19.89 on Wednesday. Summit Therapeutics has a one year low of $2.10 and a one year high of $33.89. The company has a market cap of $14.67 billion, a P/E ratio of -71.03 and a beta of -1.04. The firm has a fifty day moving average of $20.44 and a two-hundred day moving average of $20.18.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SMMT. Intech Investment Management LLC acquired a new stake in Summit Therapeutics during the 3rd quarter valued at $694,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Summit Therapeutics by 53.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after acquiring an additional 497,984 shares during the last quarter. Cerity Partners LLC purchased a new stake in Summit Therapeutics during the 3rd quarter worth about $2,178,000. Bank of Montreal Can acquired a new position in Summit Therapeutics in the 3rd quarter valued at about $2,038,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Summit Therapeutics by 43.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 295,629 shares of the company’s stock valued at $6,474,000 after purchasing an additional 89,572 shares in the last quarter. 4.61% of the stock is currently 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.