Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated at Barclays

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.

Analysts at Barclays assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Get Free Report) in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage set an "underweight" rating and a $13.00 price target on the stock. Barclays's price objective points to a potential downside of 31.18% from the stock's previous close.

A number of other research analysts also recently commented on the stock. Zacks Research downgraded shares of Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 14th. Wall Street Zen downgraded shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. HC Wainwright reaffirmed a "buy" rating and set a $50.00 price objective on shares of Summit Therapeutics in a research note on Tuesday. Guggenheim began coverage on shares of Summit Therapeutics in a research note on Wednesday, September 3rd. They set a "buy" rating and a $40.00 price objective for the company. Finally, Leerink Partnrs raised shares of Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $31.87.

Summit Therapeutics Price Performance

NASDAQ:SMMT traded down $0.34 on Tuesday, reaching $18.89. The stock had a trading volume of 9,196,736 shares, compared to its average volume of 5,136,832. The company has a market cap of $14.03 billion, a price-to-earnings ratio of -18.70 and a beta of -1.02. The firm's fifty day moving average is $24.89 and its two-hundred day moving average is $23.11. Summit Therapeutics has a 12-month low of $15.55 and a 12-month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its 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, research analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Insider Activity at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh bought 333,394 shares of Summit Therapeutics stock in a transaction dated Wednesday, September 10th. The stock was bought at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the purchase, the chief executive officer owned 556,088,090 shares in the company, valued at $9,831,637,431.20. This represents a 0.06% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert W. Duggan acquired 333,394 shares of Summit Therapeutics stock in a transaction that occurred on Wednesday, September 10th. The shares were purchased at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the purchase, the chief executive officer directly owned 556,088,090 shares of the company's stock, valued at $9,831,637,431.20. The trade was a 0.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 676,788 shares of company stock valued at $11,969,512. Company insiders own 84.90% of the company's stock.

Institutional Investors Weigh In On Summit Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Summit Therapeutics during the second quarter valued at $29,576,000. APEIRON CAPITAL Ltd purchased a new position in Summit Therapeutics in the 2nd quarter worth about $25,556,000. Fiera Capital Corp purchased a new position in Summit Therapeutics in the 2nd quarter worth about $16,659,000. Siren L.L.C. acquired a new stake in Summit Therapeutics during the 1st quarter worth about $13,407,000. Finally, Bank of America Corp DE boosted its position in Summit Therapeutics by 53.3% during the 2nd quarter. Bank of America Corp DE now owns 566,147 shares of the company's stock worth $12,048,000 after acquiring an additional 196,925 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

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.