Summit Therapeutics (NASDAQ:SMMT) Earns “Market Outperform” Rating from JMP Securities

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “market outperform” rating reaffirmed by JMP Securities in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $40.00 target price on the stock. JMP Securities’ price objective indicates a potential upside of 113.45% from the stock’s current price.

A number of other equities analysts also recently weighed in on SMMT. Barclays started coverage on shares of Summit Therapeutics in a report on Wednesday, September 17th. They set an “underweight” rating and a $13.00 target price on the stock. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Wednesday, October 8th. Finally, UBS Group began coverage on shares of Summit Therapeutics in a report on Tuesday, July 1st. They issued a “buy” rating and a $30.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.14.

Summit Therapeutics Trading Down 6.4%

Shares of SMMT opened at $18.74 on Monday. The company has a market cap of $13.92 billion, a price-to-earnings ratio of -15.11 and a beta of -1.13. Summit Therapeutics has a 1-year low of $15.55 and a 1-year high of $36.91. The company’s fifty day simple moving average is $22.18 and its 200 day simple moving average is $23.39.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Monday, October 20th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.17). As a group, research analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current year.

Insider Transactions at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh bought 5,000 shares of Summit Therapeutics stock in a transaction dated Thursday, September 11th. The stock was bought at an average price of $18.07 per share, with a total value of $90,350.00. Following the completion of the transaction, the chief executive officer owned 556,093,090 shares in the company, valued at $10,048,602,136.30. The trade was a 0.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert W. Duggan bought 5,000 shares of Summit Therapeutics stock in a transaction dated Thursday, September 11th. The stock was acquired at an average cost of $18.07 per share, with a total value of $90,350.00. Following the transaction, the chief executive officer owned 556,093,090 shares of the company’s stock, valued at $10,048,602,136.30. This trade represents a 0.00% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 676,788 shares of company stock valued at $11,969,512. 84.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently modified their holdings of SMMT. Golden State Wealth Management LLC boosted its position in shares of Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock valued at $29,000 after acquiring an additional 751 shares during the period. Ball & Co Wealth Management Inc. bought a new stake in shares of Summit Therapeutics in the second quarter valued at about $31,000. Crowley Wealth Management Inc. boosted its position in shares of Summit Therapeutics by 66.7% in the third quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after acquiring an additional 600 shares during the period. CWM LLC lifted its position in Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after purchasing an additional 1,624 shares during the period. Finally, SBI Securities Co. Ltd. grew its stake in Summit Therapeutics by 34.1% during the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after buying an additional 447 shares in the last quarter. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.