Summit Therapeutics' (SMMT) "Neutral" Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright reaffirmed a “Neutral” rating on Summit Therapeutics, while the broader analyst consensus remains “Hold” with an average price target of $24.07.
• Summit shares opened at $13.36, with a market capitalization of $10.66 billion, and trade well below their 52-week high of $30.05. The company’s latest quarterly loss of $0.28 per share narrowly missed analysts’ $0.27-per-share estimate.
• Company insiders purchased 7.87 million shares worth approximately $103.6 million over the past quarter; insiders now own 83.5% of Summit’s stock.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "neutral" rating reaffirmed by stock analysts at HC Wainwright in a research report issued on Wednesday,Benzinga reports.

A number of other research firms have also weighed in on SMMT. Jefferies Financial Group set a $15.00 price objective on shares of Summit Therapeutics in a research report on Friday, July 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Summit Therapeutics in a research report on Friday, July 17th. Wall Street Zen cut shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, July 18th. Leerink Partners upgraded Summit Therapeutics from an "underperform" rating to a "market perform" rating and boosted their price target for the company from $12.00 to $13.00 in a report on Wednesday, August 12th. Finally, Sanford C. Bernstein raised Summit Therapeutics from an "underperform" rating to a "market perform" rating and increased their price target for the stock from $9.80 to $11.90 in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned 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 company currently has an average rating of "Hold" and an average target price of $24.07.

Summit Therapeutics Stock Up 4.9%

Shares of NASDAQ:SMMT opened at $13.36 on Wednesday. The company has a market capitalization of $10.66 billion, a P/E ratio of -11.93 and a beta of -1.23. Summit Therapeutics has a 52-week low of $12.07 and a 52-week high of $30.05. The stock's fifty day simple moving average is $14.11 and its 200-day simple moving average is $16.17.

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

Insiders Place Their Bets

In related news, CEO Robert W. Duggan purchased 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 acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the firm's stock in a transaction on Friday, June 12th. The stock was bought at an average price of $13.12 per share, for a total transaction 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 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 over the last quarter. Company insiders own 83.50% of the company's stock.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Summit Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock worth $1,273,000 after buying an additional 694 shares during the period. Fifth Third Bancorp boosted its position 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 buying an additional 732 shares during the last quarter. Sei Investments Co. boosted its position 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 buying an additional 860 shares during the last quarter. Levin Capital Strategies L.P. grew its stake in shares of Summit Therapeutics by 2.7% during the fourth 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 in the last quarter. Finally, State of Wisconsin Investment Board grew its stake in shares of Summit Therapeutics by 1.1% during the fourth quarter. State of Wisconsin Investment Board now owns 92,882 shares of the company's stock valued at $1,625,000 after acquiring 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.

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