Summit Therapeutics PLC (NASDAQ:SMMT) Given Average Rating of “Hold” by Brokerages

Summit Therapeutics PLC (NASDAQ:SMMT) has been given a consensus recommendation of “Hold” by the seventeen ratings firms that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $27.2250.

A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Friday, May 22nd. Sanford C. Bernstein assumed coverage on shares of Summit Therapeutics in a research note on Thursday, May 21st. They set an “underperform” rating and a $7.70 target price for the company. KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. Finally, Truist Financial raised shares of Summit Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th.

Insider Buying and Selling at Summit Therapeutics

In related news, CEO Mahkam Zanganeh purchased 3,810,000 shares of the stock in a transaction on Friday, June 12th. The shares were purchased 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 directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Robert W. Duggan purchased 3,810,000 shares of the stock in a transaction on Friday, June 12th. The stock was bought at an average cost 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 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. Insiders have purchased a total of 7,870,000 shares of company stock valued at $103,616,900 in the last three months. 83.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock valued at $1,273,000 after acquiring an additional 694 shares during the period. Fifth Third Bancorp raised its holdings in Summit Therapeutics by 24.4% in the 1st quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock valued at $71,000 after acquiring an additional 732 shares during the period. Sei Investments Co. raised its holdings in Summit Therapeutics by 3.3% in the 3rd quarter. Sei Investments Co. now owns 27,163 shares of the company’s stock valued at $561,000 after acquiring an additional 860 shares during the period. Levin Capital Strategies L.P. raised its holdings in Summit Therapeutics by 2.7% in the 4th quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company’s stock valued at $659,000 after acquiring an additional 1,000 shares during the period. Finally, State of Wisconsin Investment Board grew its position in shares of Summit Therapeutics by 1.1% during the 4th quarter. State of Wisconsin Investment Board now owns 92,882 shares of the company’s stock worth $1,625,000 after purchasing an additional 1,047 shares in the last quarter. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Stock Performance

Shares of SMMT stock opened at $14.01 on Friday. The firm’s 50-day moving average is $18.55 and its 200-day moving average is $17.35. The stock has a market cap of $10.87 billion, a price-to-earnings ratio of -8.76 and a beta of -1.32. Summit Therapeutics has a 52-week low of $12.55 and a 52-week high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. Sell-side analysts predict that Summit Therapeutics will post -1.18 EPS for the current fiscal year.

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.