Zacks Investment Research Upgrades Summit Therapeutics (NASDAQ:SMMT) to Buy

Summit Therapeutics (NASDAQ:SMMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports. The firm currently has a $6.25 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.61% from the company’s current price.

According to Zacks, “Summit Therapeutics PLC is engaged in the discovery and development of drug to treat the fatal muscle wasting disease Duchenne Muscular Dystrophy and infections caused by the bacteria C. difficile. Summit Therapeutics PLC is headquartered in Abingdon, the United Kingdom. “

Shares of NASDAQ:SMMT opened at $5.60 on Friday. Summit Therapeutics has a 1 year low of $2.90 and a 1 year high of $12.30. The business has a 50 day simple moving average of $6.01 and a two-hundred day simple moving average of $5.32.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Wednesday, March 17th. The company reported ($0.18) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.03. Summit Therapeutics had a negative net margin of 933.62% and a negative return on equity of 100.94%. The firm had revenue of $4.55 million during the quarter, compared to the consensus estimate of $4.53 million. Analysts anticipate that Summit Therapeutics will post -0.8 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN raised its stake in shares of Summit Therapeutics by 28.6% during the fourth quarter. Wells Fargo & Company MN now owns 45,000 shares of the company’s stock valued at $212,000 after acquiring an additional 10,000 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Summit Therapeutics during the fourth quarter valued at approximately $51,000. ProShare Advisors LLC bought a new stake in shares of Summit Therapeutics during the fourth quarter valued at approximately $60,000. Squarepoint Ops LLC bought a new stake in shares of Summit Therapeutics during the fourth quarter valued at approximately $60,000. Finally, Susquehanna International Group LLP bought a new position in Summit Therapeutics in the fourth quarter worth approximately $131,000. 9.50% of the stock is owned by hedge funds and other institutional investors.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat infectious diseases in the United States, Latin America, and Europe. It conducts clinical programs focusing on the Clostridium difficile infection (CDI). The company's lead product candidate is ridinilazole, an orally administered small molecule antibiotic that is in Phase III clinical trials for the treatment of CDI.

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