Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – What’s Next?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) gapped up prior to trading on Thursday . The stock had previously closed at $14.60, but opened at $15.52. Summit Therapeutics shares last traded at $16.0010, with a volume of 2,031,270 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SMMT shares. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Tuesday. Stifel Nicolaus lowered their target price on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, July 24th. Jefferies Financial Group set a $15.00 target price on Summit Therapeutics in a report on Friday, July 24th. Finally, KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Summit Therapeutics has a consensus rating of “Hold” and a consensus target price of $24.07.

Summit Therapeutics Trading Up 13.3%

The company has a fifty day moving average of $14.11 and a 200-day moving average of $16.14. The company has a market capitalization of $13.19 billion, a price-to-earnings ratio of -14.84 and a beta of -1.24.

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

Insider Activity at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh purchased 3,810,000 shares of the stock in a transaction dated Friday, June 12th. The stock was acquired at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the acquisition, the chief executive officer owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert W. Duggan bought 3,810,000 shares of the stock in a transaction on Friday, June 12th. The shares were bought at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the purchase, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate 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. acquired a new stake in Summit Therapeutics in the first quarter valued at $28,000. Kestra Advisory Services LLC purchased a new position in shares of Summit Therapeutics in the 4th quarter valued at about $28,000. Parallel Advisors LLC purchased a new position in shares of Summit Therapeutics in the 3rd quarter valued at about $39,000. T. Rowe Price Investment Management Inc. raised its position in shares of Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after acquiring an additional 1,805 shares in the last quarter. Finally, Truvestments Capital LLC raised its position 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 acquiring an additional 1,736 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.