Summit Therapeutics PLC (NASDAQ:SMMT) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Summit Therapeutics PLC has received a consensus rating of "Moderate Buy" from seventeen research firms, with an average target price of $33.79.
• CEO Mahkam Zanganeh recently purchased 333,394 shares at $17.68 per share, increasing his ownership to a total value of $9.83 billion.
• The company reported a quarterly loss of ($0.76) EPS, missing analysts' expectations significantly.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) has been given a consensus rating of "Moderate Buy" by the eighteen research firms that are covering the stock, Marketbeat.com reports. Four analysts have rated the stock with a sell rating, one has issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $32.40.

SMMT has been the subject of several research analyst reports. Evercore ISI lifted their price objective on Summit Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Barclays initiated coverage on Summit Therapeutics in a report on Wednesday. They issued an "underweight" rating and a $13.00 price objective for the company. Guggenheim initiated coverage on Summit Therapeutics in a report on Wednesday, September 3rd. They issued a "buy" rating and a $40.00 price objective for the company. UBS Group initiated coverage on Summit Therapeutics in a report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective for the company. Finally, JMP Securities reiterated a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a report on Wednesday, September 3rd.

Insider Activity

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

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMMT. Northern Trust Corp raised its stake in Summit Therapeutics by 1.6% during the 4th quarter. Northern Trust Corp now owns 871,402 shares of the company's stock worth $15,550,000 after acquiring an additional 14,075 shares during the period. Ameriprise Financial Inc. bought a new stake in Summit Therapeutics during the 4th quarter worth approximately $406,000. Bank of America Corp DE raised its stake in Summit Therapeutics by 10.5% during the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after acquiring an additional 40,908 shares during the period. Deutsche Bank AG raised its stake in Summit Therapeutics by 20.4% during the 4th quarter. Deutsche Bank AG now owns 478,808 shares of the company's stock worth $8,547,000 after acquiring an additional 81,130 shares during the period. Finally, Jefferies Financial Group Inc. purchased a new position in Summit Therapeutics in the 4th quarter worth approximately $803,000. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Stock Down 0.2%

Shares of NASDAQ:SMMT traded down $0.03 on Friday, hitting $18.09. 5,525,557 shares of the company traded hands, compared to its average volume of 4,895,333. Summit Therapeutics has a 52 week low of $15.55 and a 52 week high of $36.91. The stock has a 50 day simple moving average of $25.14 and a 200-day simple moving average of $23.11. The company has a market cap of $13.44 billion, a PE ratio of -17.91 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.66). As a group, sell-side analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current year.

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.