Summit Therapeutics (NASDAQ:SMMT) Raised to “Strong Sell” at Sanford C. Bernstein

Summit Therapeutics (NASDAQ:SMMT) was upgraded by Sanford C. Bernstein to a “strong sell” rating in a report released on Thursday,Zacks.com reports.

SMMT has been the subject of a number of other reports. HC Wainwright downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday. Jefferies Financial Group downgraded Summit Therapeutics from a “buy” rating to a “hold” rating and decreased their price target for the company from $42.00 to $15.00 in a research note on Monday, March 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Tuesday, April 21st. Piper Sandler decreased their price target on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Finally, Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Hold” and an average price target of $26.05.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $16.62 on Thursday. The company has a market cap of $12.90 billion, a PE ratio of -10.39 and a beta of -1.25. Summit Therapeutics has a 52-week low of $13.83 and a 52-week high of $30.98. The stock has a 50-day simple moving average of $18.92 and a 200 day simple moving average of $17.60.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Thursday, April 30th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. On average, research analysts predict that Summit Therapeutics will post -1.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SMMT. AQR Capital Management LLC lifted its position in shares of Summit Therapeutics by 5.0% in the first quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock valued at $1,266,000 after buying an additional 3,134 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Summit Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock valued at $1,273,000 after buying an additional 694 shares during the last quarter. Creative Planning lifted its position in shares of Summit Therapeutics by 6.7% in the second quarter. Creative Planning now owns 21,390 shares of the company’s stock valued at $455,000 after buying an additional 1,336 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Summit Therapeutics by 33.8% in the second quarter. Legal & General Group Plc now owns 26,367 shares of the company’s stock valued at $561,000 after buying an additional 6,662 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $132,000. 4.61% of the stock is currently owned by institutional investors.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.