Summit Therapeutics PLC (NASDAQ:SMMT) Given Average Rating of "Hold" by Brokerages

Key Points

• Summit Therapeutics currently has an average analyst rating of "Hold" from 16 brokerages, with a mix of two sell, six hold, seven buy, and one strong buy ratings. The consensus 12-month price target is about $26.97.
• Recent research notes were mixed: HC Wainwright downgraded the stock to neutral, Sanford C. Bernstein initiated it at underperform with a $7.70 target, while Citigroup started coverage with a buy rating. Wall Street Zen recently upgraded the shares from sell to hold.
• CEO Mahkam Zanganeh and CEO Robert W. Duggan each bought 3.81 million shares at $13.12 per share, and insiders now own 83.5% of the stock. The company also reported a smaller-than-expected quarterly loss of $0.24 per share.

Shares of Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) have been given an average recommendation of "Hold" by the sixteen ratings firms that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $26.9727.

SMMT has been the subject of several research reports. HC Wainwright downgraded shares of Summit Therapeutics from a "buy" rating to a "neutral" rating in a research note on Friday, May 22nd. Weiss Ratings restated a "sell (d-)" rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. Citigroup started coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They set a "buy" rating for the company. Sanford C. Bernstein started coverage on Summit Therapeutics in a report on Thursday, May 21st. They issued an "underperform" rating and a $7.70 price target for the company. Finally, Wall Street Zen raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 4th.

Insider Activity

In other news, CEO Mahkam Zanganeh purchased 3,810,000 shares of the company's stock in a transaction that occurred on Friday, June 12th. The shares were purchased at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the purchase, the chief executive officer directly owned 573,883,879 shares of the company's stock, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert W. Duggan acquired 3,810,000 shares of the business's stock in a transaction on Friday, June 12th. The stock was purchased at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Summit Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock worth $1,273,000 after buying an additional 694 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of Summit Therapeutics by 24.4% in the 1st quarter. Fifth Third Bancorp now owns 3,732 shares of the company's stock valued at $71,000 after acquiring an additional 732 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Summit Therapeutics by 3.3% in the 3rd quarter. Sei Investments Co. now owns 27,163 shares of the company's stock valued at $561,000 after acquiring an additional 860 shares during the last quarter. Levin Capital Strategies L.P. raised its position in shares of Summit Therapeutics by 2.7% during the 4th quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company's stock valued at $659,000 after acquiring an additional 1,000 shares in the last quarter. Finally, State of Wisconsin Investment Board raised its position in shares of Summit Therapeutics by 1.1% during the 4th quarter. State of Wisconsin Investment Board now owns 92,882 shares of the company's stock valued at $1,625,000 after acquiring an additional 1,047 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $15.69 on Thursday. The firm has a market capitalization of $12.18 billion, a P/E ratio of -9.81 and a beta of -1.26. Summit Therapeutics has a 1-year low of $12.55 and a 1-year high of $30.98. The business's 50-day simple moving average is $16.03 and its 200-day simple moving average is $16.95.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its earnings results on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.27) by $0.03. On average, equities research analysts expect that Summit Therapeutics will post -1.18 EPS for the current fiscal year.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit's lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.

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