Summit Therapeutics PLC (NASDAQ:SMMT) Given Consensus Recommendation of “Hold” by Analysts

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have been assigned a consensus rating of “Hold” from the sixteen research firms that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $26.1545.

SMMT has been the subject of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, July 24th. Piper Sandler dropped their target price on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Sanford C. Bernstein assumed coverage on shares of Summit Therapeutics in a research report on Thursday, May 21st. They set an “underperform” rating and a $7.70 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Friday, July 17th. Finally, Guggenheim dropped their price objective on shares of Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 24th.

Insider Activity at Summit Therapeutics

In related news, CEO Mahkam Zanganeh acquired 3,810,000 shares of Summit Therapeutics stock in a transaction on Friday, June 12th. The stock was acquired at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the purchase, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Manmeet Singh Soni acquired 50,000 shares of Summit Therapeutics stock in a transaction on Thursday, June 4th. The shares were bought at an average price of $14.45 per share, with a total value of $722,500.00. Following the purchase, the chief financial officer directly owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired 7,870,000 shares of company stock worth $103,616,900 over the last three months. Company insiders own 83.50% of the company’s stock.

Institutional Trading of Summit Therapeutics

Hedge funds have recently modified their holdings of the stock. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics during the first quarter valued at approximately $28,000. Kestra Advisory Services LLC purchased a new stake in Summit Therapeutics in the 4th quarter worth approximately $28,000. T. Rowe Price Investment Management Inc. boosted its position in Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after purchasing an additional 1,805 shares in the last quarter. Parallel Advisors LLC acquired a new stake in shares of Summit Therapeutics during the 3rd quarter worth approximately $39,000. Finally, Truvestments Capital LLC grew its stake in shares of Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after purchasing an additional 1,736 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

Shares of SMMT opened at $13.96 on Monday. The firm has a market capitalization of $11.14 billion, a PE ratio of -12.46 and a beta of -1.23. Summit Therapeutics has a 1-year low of $12.25 and a 1-year high of $30.05. The company’s fifty day moving average price is $14.29 and its 200-day moving average price is $16.35.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). As a group, research analysts anticipate that Summit Therapeutics will post -1.2 EPS for the current fiscal year.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.