Stock Track | Summit Therapeutics Shares Plummet After Analyst Downgrade Despite Increased Price Target

Stock Track09-27 21:32

Shares of Summit Therapeutics PLC (SMMT) plummeted by 5.79% on Thursday, September 27, 2024, following a downgrade by Citigroup analysts. The biopharmaceutical company's stock tumbled despite Citigroup raising its price target from $19 to $23.

Citigroup downgraded Summit Therapeutics from a "Buy" rating to "Neutral," citing the company's recent surge in stock price as the reason for the downgrade. Summit Therapeutics' shares have soared nearly 670% year-to-date, fueled by positive developments in its drug pipeline.

The company's stock had enjoyed a significant rally in recent months, driven by investors' optimism surrounding its drug candidates and potential market opportunities. However, Citigroup analysts believe the stock's valuation has become stretched, prompting the downgrade despite raising the price target.

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