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

Citigroup downgraded shares of Summit Therapeutics (NASDAQ:SMMT) from a buy rating to a neutral rating in a research note released on Friday morning, MarketBeat reports. They currently have $23.00 target price on the stock, up from their previous target price of $19.00.

SMMT has been the topic of several other research reports. HC Wainwright lifted their price objective on Summit Therapeutics from $30.00 to $45.00 and gave the stock a buy rating in a report on Monday, September 16th. Stifel Nicolaus lifted their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the stock a buy rating in a report on Wednesday, September 25th.

Summit Therapeutics Stock Up 4.9 %

Shares of SMMT stock opened at $21.90 on Friday. The business has a 50-day moving average price of $15.62 and a two-hundred day moving average price of $9.22. Summit Therapeutics has a 12-month low of $1.64 and a 12-month high of $33.89. The firm has a market cap of $15.37 billion, a P/E ratio of -136.88 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. As a group, research analysts expect that Summit Therapeutics will post -0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Susquehanna Fundamental Investments LLC grew its holdings in shares of Summit Therapeutics by 37.9% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 67,378 shares of the company’s stock worth $526,000 after acquiring an additional 18,501 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Summit Therapeutics by 167.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock worth $1,607,000 after acquiring an additional 128,934 shares during the period. Millennium Management LLC purchased a new position in shares of Summit Therapeutics during the 2nd quarter worth approximately $15,154,000. AQR Capital Management LLC purchased a new position in shares of Summit Therapeutics during the 2nd quarter worth approximately $484,000. Finally, Squarepoint Ops LLC grew its holdings in shares of Summit Therapeutics by 192.2% during the 2nd quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock worth $671,000 after acquiring an additional 56,614 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.