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

Summit Therapeutics PLC (NASDAQ:SMMT) has been assigned an average rating of “Hold” from the seventeen brokerages that are currently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $33.0833.

SMMT has been the topic of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Wednesday, October 8th. Piper Sandler set a $40.00 price target on Summit Therapeutics in a report on Wednesday. HC Wainwright restated a “buy” rating on shares of Summit Therapeutics in a research note on Wednesday. Citigroup increased their target price on shares of Summit Therapeutics from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Finally, JMP Securities reissued a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a research note on Monday, October 20th.

Insider Activity at Summit Therapeutics

In other news, CEO Mahkam Zanganeh bought 26,680 shares of the firm’s stock in a transaction that occurred on Tuesday, October 21st. The stock was acquired at an average price of $18.74 per share, with a total value of $499,983.20. Following the completion of the purchase, the chief executive officer directly owned 76,680 shares of the company’s stock, valued at $1,436,983.20. This represents a 53.36% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Yu Xia bought 533,617 shares of the stock in a transaction that occurred on Tuesday, October 21st. The shares were purchased at an average cost of $18.74 per share, for a total transaction of $9,999,982.58. Following the completion of the acquisition, the director owned 32,057,147 shares of the company’s stock, valued at $600,750,934.78. This trade represents a 1.69% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 586,977 shares of company stock worth $10,999,949 over the last quarter. 84.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds have recently made changes to their positions in SMMT. Rockland Trust Co. acquired a new stake in shares of Summit Therapeutics in the 2nd quarter valued at $8,512,000. Farther Finance Advisors LLC bought a new position in Summit Therapeutics during the third quarter valued at about $1,141,000. New York State Common Retirement Fund lifted its position in shares of Summit Therapeutics by 774.5% in the second quarter. New York State Common Retirement Fund now owns 256,890 shares of the company’s stock worth $5,467,000 after buying an additional 227,513 shares during the last quarter. APEIRON CAPITAL Ltd bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $25,556,000. Finally, Norges Bank bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $29,576,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Trading Up 5.0%

Shares of NASDAQ SMMT opened at $17.65 on Thursday. Summit Therapeutics has a 12-month low of $15.55 and a 12-month high of $36.91. The company has a market cap of $13.61 billion, a price-to-earnings ratio of -14.23 and a beta of -1.51. The stock’s 50 day simple moving average is $17.82 and its 200 day simple moving average is $21.27.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, October 20th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.17). As a group, equities analysts forecast that Summit Therapeutics will post -0.3 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.