Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated at Barclays

Key Points

• Barclays has initiated coverage on Summit Therapeutics (NASDAQ:SMMT) with an "underweight" rating and a price target of $13.00, indicating a potential downside of 28.26% from its current price.
• Despite Barclays' cautious outlook, the consensus rating for Summit Therapeutics is "Moderate Buy," with a target price of $32.40 based on 12 buy ratings and one "Strong Buy" rating from various analysts.
• Recent insider activity includes CEO Robert W. Duggan purchasing 5,000 shares at $18.07 per share, indicating continued confidence from management in the company's prospects.

Equities researchers at Barclays started coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Get Free Report) in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage set an "underweight" rating and a $13.00 price target on the stock. Barclays's price target suggests a potential downside of 28.26% from the stock's current price.

A number of other research firms have also recently commented on SMMT. UBS Group started coverage on Summit Therapeutics in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price on the stock. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. Leerink Partners assumed coverage on Summit Therapeutics in a research report on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 price target on the stock. Summit Redstone set a $21.00 price target on Summit Therapeutics in a research report on Tuesday, August 19th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, September 8th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat, Summit Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $32.40.

Summit Therapeutics Stock Performance

SMMT opened at $18.12 on Wednesday. The business's 50-day simple moving average is $25.27 and its 200-day simple moving average is $23.14. Summit Therapeutics has a one year low of $15.55 and a one year high of $36.91. The stock has a market capitalization of $13.46 billion, a P/E ratio of -17.94 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). On average, equities research analysts forecast that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Insider Activity at Summit Therapeutics

In other news, CEO Robert W. Duggan purchased 5,000 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were acquired at an average price of $18.07 per share, with a total value of $90,350.00. Following the purchase, the chief executive officer directly owned 556,093,090 shares of the company's stock, valued at $10,048,602,136.30. The trade was a 0.00% 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 purchased 5,000 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were purchased at an average cost of $18.07 per share, for a total transaction of $90,350.00. Following the purchase, the chief executive officer directly owned 556,093,090 shares in the company, valued at approximately $10,048,602,136.30. This represents a 0.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 676,788 shares of company stock worth $11,969,512 in the last three months. Corporate insiders own 84.90% of the company's stock.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in Summit Therapeutics in the 2nd quarter valued at approximately $29,576,000. APEIRON CAPITAL Ltd purchased a new stake in Summit Therapeutics in the 2nd quarter valued at approximately $25,556,000. Fiera Capital Corp purchased a new stake in Summit Therapeutics in the 2nd quarter valued at approximately $16,659,000. Siren L.L.C. purchased a new stake in Summit Therapeutics in the 1st quarter valued at approximately $13,407,000. Finally, Bank of America Corp DE lifted its stake in Summit Therapeutics by 53.3% in the 2nd quarter. Bank of America Corp DE now owns 566,147 shares of the company's stock valued at $12,048,000 after buying an additional 196,925 shares in the last quarter. Hedge funds and other institutional investors 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.

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