Summit Therapeutics PLC (NASDAQ:SMMT) Receives Average Recommendation of “Hold” from Analysts

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have been assigned a consensus rating of “Hold” from the sixteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $24.0727.

Several equities analysts have issued reports on the stock. Summit Redstone set a $11.90 price target on shares of Summit Therapeutics in a report on Tuesday, August 25th. Jefferies Financial Group set a $15.00 price objective on Summit Therapeutics in a research report on Friday, July 24th. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Friday, July 17th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Summit Therapeutics in a research report on Thursday.

Insider Activity

In related news, CEO Robert W. Duggan bought 3,810,000 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was bought at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the purchase, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of the company’s stock in a transaction on Friday, June 12th. The shares were bought at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the transaction, the chief executive officer owned 573,883,879 shares in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 83.50% of the company’s stock.

Institutional Trading of Summit Therapeutics

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

Summit Therapeutics Price Performance

Shares of SMMT opened at $17.13 on Friday. The firm has a market capitalization of $13.67 billion, a price-to-earnings ratio of -15.29 and a beta of -1.24. Summit Therapeutics has a 1-year low of $12.07 and a 1-year high of $29.23. The company has a 50-day moving average of $14.17 and a 200 day moving average of $16.16.

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