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.

Investment analysts at Barclays started coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Get Free Report) in a research note issued on Wednesday, MarketBeat.com reports. The firm set an "underweight" rating and a $13.00 price target on the stock. Barclays's price target points to a potential downside of 31.18% from the company's previous close.

SMMT has been the subject of a number of other reports. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research note on Monday, September 8th. Summit Redstone set a $21.00 price objective on Summit Therapeutics in a research note on Tuesday, August 19th. Wall Street Zen lowered Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Guggenheim assumed coverage on Summit Therapeutics in a report on Wednesday, September 3rd. They set a "buy" rating and a $40.00 price objective on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $50.00 target price on shares of Summit Therapeutics in a research report on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $31.87.

Summit Therapeutics Trading Down 1.8%

NASDAQ:SMMT traded down $0.34 during trading hours on Wednesday, reaching $18.89. 9,196,736 shares of the company traded hands, compared to its average volume of 5,136,832. The business's 50-day moving average price is $24.89 and its two-hundred day moving average price is $23.13. The stock has a market capitalization of $14.03 billion, a P/E ratio of -18.70 and a beta of -1.02. Summit Therapeutics has a 1 year low of $15.55 and a 1 year high of $36.91.

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

Insider Transactions at Summit Therapeutics

In other news, CEO Mahkam Zanganeh bought 333,394 shares of Summit Therapeutics stock in a transaction on Wednesday, September 10th. The shares were bought at an average price of $17.68 per share, with a total value of $5,894,405.92. Following the acquisition, the chief executive officer directly owned 556,088,090 shares in the company, valued at approximately $9,831,637,431.20. This represents a 0.06% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert W. Duggan bought 333,394 shares of Summit Therapeutics stock in a transaction on Wednesday, September 10th. The shares were purchased at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the acquisition, the chief executive officer owned 556,088,090 shares in the company, 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. Insiders purchased 676,788 shares of company stock valued at $11,969,512 in the last three months. 84.90% of the stock is currently owned by company insiders.

Institutional Trading of Summit Therapeutics

Several hedge funds have recently made changes to their positions in SMMT. Norges Bank bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth approximately $29,576,000. APEIRON CAPITAL Ltd bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth approximately $25,556,000. Fiera Capital Corp bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth approximately $16,659,000. Siren L.L.C. bought a new stake in shares of Summit Therapeutics in the 1st quarter worth approximately $13,407,000. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Summit Therapeutics during the 1st quarter valued at $10,378,000. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Company Profile

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.