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

Summit Therapeutics PLC (NASDAQ:SMMT) has been assigned an average rating of “Hold” from the nineteen brokerages that are currently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $31.1429.

SMMT has been the topic of a number of analyst reports. Citigroup lifted their price objective on shares of Summit Therapeutics from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, October 20th. HC Wainwright cut their price target on shares of Summit Therapeutics from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, October 21st. Wolfe Research began coverage on shares of Summit Therapeutics in a research report on Tuesday, November 18th. They issued a “peer perform” rating for the company. JMP Securities reiterated a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday, October 20th. Finally, Summit Redstone set a $13.00 target price on Summit Therapeutics in a research note on Tuesday, September 16th.

Insiders Place Their Bets

In related news, CEO Mahkam Zanganeh purchased 333,394 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The shares were bought at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the acquisition, the chief executive officer owned 556,088,090 shares of the company’s stock, valued at $9,831,637,431.20. This represents a 0.06% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert W. Duggan purchased 333,394 shares of Summit Therapeutics stock in a transaction that occurred on Wednesday, September 10th. The shares were bought at an average price of $17.68 per share, with a total value of $5,894,405.92. Following the transaction, the chief executive officer owned 556,088,090 shares of the company’s stock, valued at $9,831,637,431.20. This trade represents a 0.06% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 1,263,765 shares of company stock valued at $22,969,461. Insiders own 84.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SMMT. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics in the second quarter valued at approximately $31,000. Crowley Wealth Management Inc. raised its stake in shares of Summit Therapeutics by 66.7% in the third quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after buying an additional 600 shares during the period. CWM LLC lifted its position in shares of Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock valued at $32,000 after buying an additional 1,624 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Summit Therapeutics by 34.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock valued at $37,000 after buying an additional 447 shares during the last quarter. Finally, Parallel Advisors LLC bought a new position in shares of Summit Therapeutics during the 3rd quarter worth $39,000. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Stock Down 1.1%

Shares of Summit Therapeutics stock opened at $17.64 on Wednesday. The company has a market cap of $13.60 billion, a PE ratio of -14.23 and a beta of -1.21. Summit Therapeutics has a 52 week low of $15.55 and a 52 week high of $36.91. The business has a 50 day moving average price of $19.50 and a 200-day moving average price of $22.34.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Monday, October 20th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.17). As a group, research analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current year.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.