Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 4.9% - Time to Sell?

Key Points

• Summit Therapeutics' stock price decreased by 4.9% following a mid-day trading session, reaching as low as $21.20 before closing at $21.81.
• Analysts have mixed opinions on the stock, with one analyst rating it as Strong Buy, eleven as Buy, one as Hold, and five as Sell, contributing to a consensus target price of $31.29.
• Insider trading activity includes CEO Robert W. Duggan acquiring 5,000 shares at $18.07 each, while corporate insiders collectively own 84.90% of the company's stock.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report)'s stock price fell 4.9% during mid-day trading on Tuesday . The stock traded as low as $21.20 and last traded at $21.81. 865,192 shares traded hands during trading, a decline of 77% from the average session volume of 3,774,873 shares. The stock had previously closed at $22.93.

Analysts Set New Price Targets

Several research firms have recently issued reports on SMMT. Summit Redstone set a $13.00 price objective on shares of Summit Therapeutics in a report on Tuesday, September 16th. Wall Street Zen downgraded shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Evercore ISI upped their target price on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Citigroup reissued a "buy" rating on shares of Summit Therapeutics in a research note on Thursday, September 25th. Finally, UBS Group assumed coverage on shares of Summit Therapeutics in a research note on Tuesday, July 1st. They issued a "buy" rating and a $30.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $31.29.

Summit Therapeutics Price Performance

The company has a market capitalization of $16.26 billion, a price-to-earnings ratio of -21.72 and a beta of -1.13. The stock has a 50 day moving average price of $23.02 and a two-hundred day moving average price of $23.33.

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

Insider Transactions at Summit Therapeutics

In other news, CEO Robert W. Duggan acquired 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, for a total transaction of $90,350.00. Following the completion of the transaction, the chief executive officer directly owned 556,093,090 shares in the company, valued at $10,048,602,136.30. This trade represents a 0.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mahkam Zanganeh acquired 5,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was purchased at an average price of $18.07 per share, with a total value of $90,350.00. Following the completion of the transaction, the chief executive officer owned 556,093,090 shares of the company's stock, 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. Over the last quarter, insiders purchased 676,788 shares of company stock valued at $11,969,512. Corporate insiders own 84.90% of the company's stock.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ball & Co Wealth Management Inc. acquired a new stake in Summit Therapeutics in the second quarter worth about $31,000. Golden State Wealth Management LLC boosted its holdings in Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after buying an additional 751 shares during the last quarter. CWM LLC boosted its holdings in Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after buying an additional 1,624 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in Summit Therapeutics by 34.1% during the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company's stock worth $37,000 after buying an additional 447 shares during the last quarter. Finally, AlphaQuest LLC bought a new position in Summit Therapeutics during the first quarter worth about $49,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.

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