Summit Therapeutics (NASDAQ:SMMT) Rating Lowered to Neutral at Citigroup

Citigroup cut shares of Summit Therapeutics (NASDAQ:SMMT) from a buy rating to a neutral rating in a report issued on Friday morning, MarketBeat.com reports. The firm currently has $23.00 price objective on the stock, up from their previous price objective of $19.00.

A number of other research analysts also recently commented on SMMT. HC Wainwright increased their price target on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a buy rating in a report on Monday, September 16th. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a buy rating in a research report on Wednesday, September 25th.

Summit Therapeutics Stock Down 8.4 %

NASDAQ SMMT opened at $20.89 on Friday. The business 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. The firm has a market cap of $15.14 billion, a price-to-earnings ratio of -130.53 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. Research analysts expect that Summit Therapeutics will post -0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors have recently bought and sold shares of the company. Millennium Management LLC acquired a new position in Summit Therapeutics during the second quarter valued at $15,154,000. TD Asset Management Inc acquired a new position in Summit Therapeutics during the second quarter valued at $2,081,000. Vanguard Group Inc. increased its holdings in Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after buying an additional 254,261 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Summit Therapeutics by 167.2% in the second quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock valued at $1,607,000 after buying an additional 128,934 shares in the last quarter. Finally, Aristides Capital LLC purchased a new position in Summit Therapeutics in the fourth quarter valued at $210,000. 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.