Summit Therapeutics (NASDAQ:SMMT) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Summit Therapeutics from “sell” to “hold.” The broader analyst consensus is also “Hold,” with a consensus price target of $24.07.
• Summit shares opened at $17.60, compared with a 12-month range of $12.07 to $29.23. The company reported quarterly EPS of negative $0.28, slightly missing analysts’ estimate of negative $0.27.
• Company insiders own 83.5% of Summit’s stock, while two CEOs each recently purchased 3.81 million shares at $13.12 per share. Institutional investors own 4.61% of the company.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other research analysts also recently issued reports on the company. Summit Redstone set a $11.90 price target on Summit Therapeutics in a research note on Tuesday, August 25th. Leerink Partners raised Summit Therapeutics from an "underperform" rating to a "market perform" rating and increased their price objective for the company from $12.00 to $13.00 in a report on Wednesday, August 12th. Jefferies Financial Group set a $15.00 target price on shares of Summit Therapeutics in a research report on Friday, July 24th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a report on Tuesday. Finally, KeyCorp reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $24.07.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $17.60 on Friday. Summit Therapeutics has a 12 month low of $12.07 and a 12 month high of $29.23. The firm has a market capitalization of $14.04 billion, a P/E ratio of -15.71 and a beta of -1.24. The company's fifty day moving average price is $14.24 and its 200 day moving average price is $16.17.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). On average, sell-side analysts anticipate that Summit Therapeutics will post -1.2 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert W. Duggan bought 3,810,000 shares of the firm's stock in a transaction on Friday, June 12th. The shares were bought at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the transaction, the chief executive officer owned 573,883,879 shares of the company's stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of the firm's stock in a transaction on Friday, June 12th. The shares were bought at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 83.50% of the company's stock.

Institutional Trading of Summit Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in SMMT. BlackRock Inc. acquired a new stake in shares of Summit Therapeutics in the 2nd quarter worth approximately $138,838,000. Price T Rowe Associates Inc. MD raised its holdings in Summit Therapeutics by 106.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company's stock worth $163,907,000 after purchasing an additional 4,832,592 shares during the last quarter. Baker BROS. Advisors LP raised its holdings 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 purchasing an additional 2,668,089 shares during the last quarter. Norges Bank acquired a new position in Summit Therapeutics during the fourth quarter worth $24,030,000. Finally, Bank of America Corp DE purchased a new stake in Summit Therapeutics during the second quarter worth $12,603,000. Institutional investors and hedge funds 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.

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