Summit Therapeutics (NASDAQ:SMMT) Upgraded at Zacks Research

Key Points

• Summit Therapeutics (NASDAQ:SMMT) has been upgraded from a "strong sell" to a "hold" rating by Zacks Research, which reflects growing investor interest.
• The company reported a quarterly earnings loss of ($0.76) per share, significantly below analysts' expectations, indicating potential financial challenges ahead.
• CEO Robert W. Duggan recently acquired 333,394 shares of Summit's stock for approximately $5.9 million, showcasing insider confidence in the company's future.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.

SMMT has been the subject of several other research reports. Guggenheim initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, September 3rd. They set a "buy" rating and a $40.00 price target for the company. Wall Street Zen lowered shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, September 8th. Evercore ISI upped their price target on shares of Summit Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $50.00 price target 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, eleven have assigned a Buy rating, two have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $31.29.

Summit Therapeutics Price Performance

NASDAQ:SMMT opened at $21.75 on Monday. The firm has a 50 day simple moving average of $22.87 and a 200-day simple moving average of $23.32. The firm has a market cap of $16.16 billion, a PE ratio of -21.53 and a beta of -1.13. 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) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). As a group, sell-side analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Trading of Summit Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Cerity Partners LLC grew its position in Summit Therapeutics by 0.4% in the first quarter. Cerity Partners LLC now owns 113,654 shares of the company's stock worth $2,192,000 after acquiring an additional 440 shares in the last quarter. SBI Securities Co. Ltd. grew its position in Summit Therapeutics by 34.1% in the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company's stock worth $37,000 after acquiring an additional 447 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Summit Therapeutics by 11.4% in the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock worth $122,000 after acquiring an additional 647 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Summit Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock worth $1,273,000 after acquiring an additional 694 shares in the last quarter. Finally, Golden State Wealth Management LLC grew its position in Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after acquiring an additional 751 shares in the last quarter. 4.61% of the stock is owned by institutional investors.

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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