Summit Therapeutics (NASDAQ:SMMT) Given Buy Rating at HC Wainwright

Key Points

• Summit Therapeutics received a "buy" rating from HC Wainwright, which set a price target of $50.00, indicating a potential upside of approximately 164% from its current price.
• Despite a strong buy rating from some analysts, the company's recent earnings report showed a loss of ($0.76) per share, significantly missing expectations.
• Insider buying has been notable, with CEO Robert W. Duggan purchasing over 333,000 shares recently, increasing insider ownership to approximately 84.90% of the stock.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "buy" rating restated by research analysts at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They currently have a $50.00 price target on the stock. HC Wainwright's price target would suggest a potential upside of 164.69% from the company's previous close.

Several other brokerages have also recently issued reports on SMMT. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. Evercore ISI raised their target price on Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research note on Monday, September 8th. JMP Securities reiterated a "market outperform" rating and issued a $40.00 target price on shares of Summit Therapeutics in a research note on Wednesday, September 3rd. Finally, Zacks Research cut Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Summit Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $31.87.

Summit Therapeutics Stock Performance

Shares of SMMT stock traded down $0.34 during mid-day trading on Tuesday, reaching $18.89. 9,196,736 shares of the company were exchanged, compared to its average volume of 5,136,832. Summit Therapeutics has a fifty-two week low of $15.55 and a fifty-two week high of $36.91. The company has a market capitalization of $14.03 billion, a P/E ratio of -18.70 and a beta of -1.02. The business's 50 day simple moving average is $24.89 and its 200 day simple moving average is $23.11.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.66). On average, analysts forecast that Summit Therapeutics will post -0.3 EPS for the current year.

Insider Buying and Selling

In other news, CEO Mahkam Zanganeh purchased 5,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was 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 owned 556,093,090 shares in the company, valued at $10,048,602,136.30. This represents a 0.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert W. Duggan purchased 5,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was purchased at an average cost of $18.07 per share, with a total value of $90,350.00. Following the purchase, the chief executive officer owned 556,093,090 shares in the company, valued at $10,048,602,136.30. This represents a 0.00% increase in their position. The disclosure for this purchase can be found here. Insiders bought 676,788 shares of company stock valued at $11,969,512 over the last three months. 84.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Summit Therapeutics

Large investors have recently made changes to their positions in the company. Ameriprise Financial Inc. acquired a new stake in Summit Therapeutics in the 4th quarter worth approximately $406,000. Bank of America Corp DE lifted its holdings in Summit Therapeutics by 10.5% in the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after purchasing an additional 40,908 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Summit Therapeutics by 24.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,717 shares of the company's stock worth $1,155,000 after purchasing an additional 12,546 shares during the last quarter. Man Group plc lifted its holdings in Summit Therapeutics by 43.6% in the 4th quarter. Man Group plc now owns 16,675 shares of the company's stock worth $298,000 after purchasing an additional 5,065 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Summit Therapeutics by 2.5% in the 4th quarter. ProShare Advisors LLC now owns 60,830 shares of the company's stock worth $1,086,000 after purchasing an additional 1,474 shares during the last quarter. 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.