SUMMIT THERAPEU/S (NASDAQ:SMMT) Lifted to Strong-Buy at Zacks Investment Research

SUMMIT THERAPEU/S (NASDAQ:SMMT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The firm presently has a $1.50 target price on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 16.28% from the company’s previous close.

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. “

A number of other research analysts have also recently issued reports on SMMT. ValuEngine raised SUMMIT THERAPEU/S from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. TheStreet raised SUMMIT THERAPEU/S from a “d” rating to a “c-” rating in a report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. SUMMIT THERAPEU/S presently has an average rating of “Buy” and an average target price of $2.17.

Shares of NASDAQ:SMMT traded down $0.11 on Wednesday, hitting $1.29. The stock had a trading volume of 1,049 shares, compared to its average volume of 47,927. SUMMIT THERAPEU/S has a twelve month low of $1.10 and a twelve month high of $2.59. The company has a quick ratio of 3.93, a current ratio of 3.93 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average of $1.33. The company has a market cap of $18.13 million, a P/E ratio of 1.54 and a beta of 1.22.

SUMMIT THERAPEU/S (NASDAQ:SMMT) last issued its earnings results on Wednesday, June 12th. The company reported ($0.20) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.11. SUMMIT THERAPEU/S had a net margin of 24.32% and a return on equity of 26.31%. The company had revenue of $0.32 million for the quarter, compared to the consensus estimate of $4.34 million. On average, sell-side analysts forecast that SUMMIT THERAPEU/S will post -1.08 EPS for the current fiscal year.

A hedge fund recently raised its stake in SUMMIT THERAPEU/S stock. Bank of New York Mellon Corp lifted its holdings in SUMMIT THERAPEU/S (NASDAQ:SMMT) by 120.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 216,897 shares of the company’s stock after buying an additional 118,501 shares during the quarter. Bank of New York Mellon Corp owned about 1.57% of SUMMIT THERAPEU/S worth $274,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 18.59% of the company’s stock.

About SUMMIT THERAPEU/S

Summit Therapeutics plc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of novel medicines to treat rare and infectious diseases in the United Kingdom and North America. It is conducting clinical programmes focused on the genetic disease Duchenne muscular dystrophy (DMD) and the infectious disease Clostridium difficile infection (CDI).

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