Summit Therapeutics (NASDAQ:SMMT) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Summit Therapeutics (NASDAQ:SMMT) from a hold rating to a sell rating in a research report report published on Saturday.

A number of other analysts have also weighed in on the company. Citigroup began coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating for the company. Piper Sandler reduced their price target on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Stifel Nicolaus started coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating and a $45.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Tuesday, April 21st. Finally, Sanford C. Bernstein assumed coverage on shares of Summit Therapeutics in a research report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $26.97.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $13.50 on Friday. The firm has a market cap of $10.48 billion, a PE ratio of -8.44 and a beta of -1.26. Summit Therapeutics has a one year low of $12.55 and a one year high of $30.98. The stock’s 50 day simple moving average is $15.32 and its 200 day simple moving average is $16.76.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.03. As a group, equities analysts expect that Summit Therapeutics will post -1.18 earnings per share for the current year.

Insider Activity

In related news, CEO Robert W. Duggan acquired 3,810,000 shares of the company’s stock in a transaction that occurred 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 completion of the acquisition, 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 position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Manmeet Singh Soni bought 50,000 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was bought at an average cost of $14.45 per share, for a total transaction of $722,500.00. Following the purchase, the chief financial officer directly owned 3,123,603 shares of the company’s stock, valued at approximately $45,136,063.35. This trade represents a 1.63% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 7,870,000 shares of company stock valued at $103,616,900 in the last 90 days. 83.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its holdings in Summit Therapeutics by 106.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after purchasing an additional 4,832,592 shares during the period. Baker BROS. Advisors LP grew its holdings in shares of Summit Therapeutics by 7.9% in the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after buying an additional 2,668,089 shares during the period. Norges Bank acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at $24,030,000. TD Asset Management Inc increased its position in shares of Summit Therapeutics by 124.2% in the 4th quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock valued at $21,080,000 after buying an additional 667,742 shares in the last quarter. Finally, Polymer Capital Management HK LTD increased its position in shares of Summit Therapeutics by 73.9% in the 4th quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company’s stock valued at $24,856,000 after buying an additional 603,879 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

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.