Summit Therapeutics (NASDAQ:SMMT) Downgraded by Wall Street Zen to “Sell”

Summit Therapeutics (NASDAQ:SMMT) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

SMMT has been the topic of several other reports. Truist Financial raised Summit Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Sanford C. Bernstein started coverage on Summit Therapeutics in a research note on Thursday, May 21st. They set an “underperform” rating and a $7.70 price target for the company. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. HC Wainwright reaffirmed a “neutral” rating on shares of Summit Therapeutics in a research note on Wednesday. Finally, Stifel Nicolaus assumed coverage on Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating and a $45.00 price objective on the stock. One investment 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 given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $26.97.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $13.81 on Friday. The company has a market cap of $10.72 billion, a P/E ratio of -8.63 and a beta of -1.26. Summit Therapeutics has a 52-week low of $12.55 and a 52-week high of $30.98. The firm’s fifty day moving average is $15.43 and its two-hundred day moving average is $16.79.

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

Insiders Place Their Bets

In other Summit Therapeutics news, CFO Manmeet Singh Soni purchased 50,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was purchased at an average price of $14.45 per share, with a total value of $722,500.00. Following the acquisition, the chief financial officer owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the acquisition, the chief executive officer owned 573,883,879 shares in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 7,870,000 shares of company stock valued at $103,616,900 in the last three months. Corporate insiders own 83.50% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMMT. Tudor Investment Corp ET AL bought a new stake in Summit Therapeutics in the third quarter worth $7,174,000. Baker BROS. Advisors LP boosted its stake in Summit Therapeutics by 7.9% during the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after buying an additional 2,668,089 shares during the period. Assenagon Asset Management S.A. bought a new position in Summit Therapeutics during the fourth quarter valued at $1,043,000. TD Asset Management Inc increased its position in Summit Therapeutics by 124.2% during the fourth quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock valued at $21,080,000 after acquiring an additional 667,742 shares during the last quarter. Finally, Polymer Capital Management HK LTD raised its stake in shares of Summit Therapeutics by 73.9% in the fourth quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company’s stock valued at $24,856,000 after acquiring an additional 603,879 shares during the period. 4.61% of the stock is currently owned by hedge funds and other 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.