Summit Therapeutics (NASDAQ:SMMT) Stock Rating Upgraded by Wall Street Zen

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

A number of other research firms have also issued reports on SMMT. Jefferies Financial Group lowered Summit Therapeutics from a “buy” rating to a “hold” rating and dropped their target price for the company from $42.00 to $15.00 in a report on Monday, March 16th. Citigroup began coverage on Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating for the company. Truist Financial upgraded shares of Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. HC Wainwright lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, May 22nd. One 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 stock. Based on data from MarketBeat, Summit Therapeutics currently has an average rating of “Hold” and a consensus price target of $26.97.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $15.42 on Friday. Summit Therapeutics has a 52-week low of $12.55 and a 52-week high of $30.98. The business’s 50-day moving average price is $16.41 and its 200 day moving average price is $16.98. The firm has a market cap of $11.97 billion, a P/E ratio of -9.64 and a beta of -1.26.

Summit Therapeutics (NASDAQ:SMMT) last posted 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 anticipate that Summit Therapeutics will post -1.18 earnings per share for the current year.

Insiders Place Their Bets

In other Summit Therapeutics news, CFO Manmeet Singh Soni purchased 50,000 shares of Summit Therapeutics stock in a transaction dated Thursday, June 4th. The stock was acquired at an average cost of $14.45 per share, with a total value of $722,500.00. Following the acquisition, the chief financial officer directly owned 3,123,603 shares of the company’s stock, valued at $45,136,063.35. This represents a 1.63% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert W. Duggan purchased 3,810,000 shares of Summit Therapeutics stock in a transaction dated 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 completion of the acquisition, 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. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 7,870,000 shares of company stock worth $103,616,900. Company insiders own 83.50% of the company’s stock.

Institutional Inflows and Outflows

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

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.