Summit Therapeutics (NASDAQ:SMMT) Reaches New 12-Month Low – Time to Sell?

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $13.81 and last traded at $14.11, with a volume of 5489654 shares. The stock had previously closed at $14.77.

Analyst Ratings Changes

Several research analysts have recently issued reports on SMMT shares. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, May 22nd. Jefferies Financial Group lowered Summit Therapeutics from a “buy” rating to a “hold” rating and reduced their price target for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. HC Wainwright lowered Summit Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Sanford C. Bernstein began coverage on Summit Therapeutics in a research note on Thursday, May 21st. They set an “underperform” rating and a $7.70 price objective on the stock. Finally, Stifel Nicolaus began coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They set a “buy” rating and a $45.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $26.05.

Summit Therapeutics Trading Down 4.5%

The firm has a market cap of $10.95 billion, a price-to-earnings ratio of -8.82 and a beta of -1.32. The company has a 50 day moving average of $18.89 and a 200 day moving average of $17.44.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Friday, May 1st. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.03. Equities analysts forecast that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert W. Duggan purchased 100,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The shares were bought at an average cost of $14.60 per share, for a total transaction of $1,460,000.00. Following the completion of the acquisition, the chief executive officer directly owned 25,824,474 shares in the company, valued at approximately $377,037,320.40. This trade represents a 0.39% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mahkam Zanganeh purchased 100,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was purchased at an average price of $14.60 per share, for a total transaction of $1,460,000.00. Following the completion of the acquisition, the chief executive officer owned 25,824,474 shares of the company’s stock, valued at approximately $377,037,320.40. This represents a 0.39% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 250,000 shares of company stock valued at $3,642,500. 83.50% of the stock is owned by company insiders.

Institutional Trading of Summit Therapeutics

Institutional investors have recently modified their holdings of the company. Tudor Investment Corp ET AL bought a new stake in shares of Summit Therapeutics in the third quarter valued at about $7,174,000. Vanguard Group Inc. increased its position in shares of Summit Therapeutics by 31.2% in the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after acquiring an additional 2,706,056 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Summit Therapeutics in the third quarter valued at about $1,341,000. Assenagon Asset Management S.A. acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at about $1,043,000. Finally, Skandinaviska Enskilda Banken AB publ increased its position in shares of Summit Therapeutics by 409.2% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 338,363 shares of the company’s stock valued at $6,991,000 after acquiring an additional 271,912 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors.

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.