Stock Track | Summit Therapeutics Plunges After Analyst Downgrade

Stock Track09-27 21:28

Shares of Summit Therapeutics PLC (SMMT) tumbled 5.39% in pre-market trading on Thursday, following a downgrade by Citigroup analysts.

Citigroup downgraded Summit Therapeutics from "Buy" to "Neutral," although it raised the stock's price target from $19 to $23. The analysts cited the recent surge in the company's stock price, which has soared nearly 670% year-to-date, as the reason for the downgrade.

Despite the increased price target, the downgrade appears to have sparked concerns among investors, leading to a sell-off in Summit Therapeutics' shares. The biopharmaceutical company's stock had previously enjoyed a significant rally, fueled by positive developments in its drug pipeline.

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