Summit Therapeutics shares are trading lower after Citigroup downgraded the stock from Buy to Neutral but raised its price target from $19 to $23.
Portfolio Pulse from Benzinga Newsdesk
Summit Therapeutics shares fell after Citigroup downgraded the stock from Buy to Neutral, despite raising the price target from $19 to $23.

September 27, 2024 | 3:28 pm
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Summit Therapeutics shares declined following Citigroup's downgrade from Buy to Neutral. However, the price target was increased from $19 to $23, indicating mixed signals for investors.
The downgrade from Buy to Neutral by Citigroup suggests a less optimistic outlook, which typically leads to a negative short-term impact on the stock price. However, the increase in the price target to $23 indicates some positive long-term expectations. The immediate market reaction is likely to focus on the downgrade, causing a short-term decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100