Barclays Begins Coverage on Summit Therapeutics (NASDAQ:SMMT)

Key Points

• Barclays has initiated coverage of Summit Therapeutics (NASDAQ:SMMT) with an "underweight" rating and a price target of $13.00, indicating a potential downside of 30.41% from its recent close.
• Despite Barclays' negative outlook, other analysts like Guggenheim have rated the stock a "buy" with a target price of $40.00, showing mixed perspectives on its future performance.
• Insider transactions reveal that CEO Robert W. Duggan purchased 333,394 shares of the company in September, reflecting confidence in the company's prospects despite the varied analyst ratings.

Investment analysts at Barclays initiated coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Get Free Report) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set an "underweight" rating and a $13.00 price target on the stock. Barclays's target price would suggest a potential downside of 31.94% from the stock's previous close.

Other analysts have also recently issued research reports about the company. HC Wainwright reissued a "buy" rating and issued a $50.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, September 16th. Guggenheim started coverage on Summit Therapeutics in a research report on Wednesday, September 3rd. They issued a "buy" rating and a $40.00 price objective for the company. UBS Group started coverage on Summit Therapeutics in a research report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective for the company. Leerink Partners started coverage on Summit Therapeutics in a research report on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 price objective for the company. Finally, Wall Street Zen cut Summit Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $31.87.

Summit Therapeutics Trading Up 1.1%

Shares of NASDAQ:SMMT traded up $0.21 on Tuesday, reaching $19.10. The company had a trading volume of 3,718,478 shares, compared to its average volume of 5,485,742. Summit Therapeutics has a 52-week low of $15.55 and a 52-week high of $36.91. The firm's 50 day simple moving average is $24.76 and its 200-day simple moving average is $23.17. The firm has a market capitalization of $14.19 billion, a PE ratio of -18.91 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). As a group, equities research analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current year.

Insider Transactions at Summit Therapeutics

In other news, CEO Mahkam Zanganeh purchased 5,000 shares of the stock in a transaction on Thursday, September 11th. The stock was bought at an average price of $18.07 per share, with a total value of $90,350.00. Following the transaction, the chief executive officer owned 556,093,090 shares in the company, valued at $10,048,602,136.30. The trade was a 0.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert W. Duggan acquired 5,000 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was bought at an average cost of $18.07 per share, with a total value of $90,350.00. Following the acquisition, the chief executive officer owned 556,093,090 shares in the company, valued at approximately $10,048,602,136.30. This trade represents a 0.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 676,788 shares of company stock valued at $11,969,512. 84.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Golden State Wealth Management LLC lifted its holdings in shares of Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after buying an additional 751 shares during the period. Ball & Co Wealth Management Inc. acquired a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $31,000. CWM LLC lifted its holdings in shares of Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after buying an additional 1,624 shares during the period. SBI Securities Co. Ltd. lifted its holdings in shares of Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company's stock valued at $37,000 after buying an additional 447 shares during the period. Finally, AlphaQuest LLC acquired a new position in shares of Summit Therapeutics in the 1st quarter valued at about $49,000. Institutional investors and hedge funds own 4.61% of the company's stock.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company's lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.