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

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) hit a new 52-week low during trading on Tuesday . The company traded as low as $12.37 and last traded at $12.4050, with a volume of 1017435 shares traded. The stock had previously closed at $13.10.

Wall Street Analysts Forecast Growth

SMMT has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Friday, July 17th. Guggenheim reduced their price objective on shares of Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday. Jefferies Financial Group set a $15.00 target price on shares of Summit Therapeutics in a report on Friday. KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Finally, Sanford C. Bernstein initiated coverage on Summit Therapeutics in a research report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $26.15.

Summit Therapeutics Price Performance

The stock has a market cap of $9.89 billion, a P/E ratio of -11.07 and a beta of -1.26. The company’s 50 day simple moving average is $14.97 and its 200 day simple moving average is $16.64.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data 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 research analysts predict that Summit Therapeutics PLC will post -1.18 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert W. Duggan bought 3,810,000 shares of the stock in a transaction on Friday, June 12th. The stock was purchased at an average price 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 approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the company’s stock in a transaction on Friday, June 12th. The stock was purchased 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 in the company, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders purchased 7,870,000 shares of company stock valued at $103,616,900. Company insiders own 83.50% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC grew its position in Summit Therapeutics by 5.0% in the first quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock valued at $1,266,000 after purchasing an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Summit Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after buying an additional 694 shares during the last quarter. Creative Planning grew its holdings in shares of Summit Therapeutics by 6.7% in the 2nd quarter. Creative Planning now owns 21,390 shares of the company’s stock valued at $455,000 after acquiring an additional 1,336 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Summit Therapeutics by 33.8% in the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company’s stock valued at $561,000 after acquiring an additional 6,662 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Summit Therapeutics in the second quarter valued at about $132,000. 4.61% of the stock is 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.