Summit Therapeutics PLC (NASDAQ:SMMT) Given Average Recommendation of "Moderate Buy" by 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.

Shares of Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) have been given an average rating of "Moderate Buy" by the seventeen research firms that are presently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation, twelve have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $33.7857.

Several analysts have recently weighed in on the company. JMP Securities reissued a "market outperform" rating and set a $40.00 price objective on shares of Summit Therapeutics in a report on Wednesday, September 3rd. Wall Street Zen lowered Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Guggenheim initiated coverage on Summit Therapeutics in a research note on Wednesday, September 3rd. They issued a "buy" rating and a $40.00 price target on the stock. HC Wainwright reissued a "buy" rating and issued a $50.00 price objective on shares of Summit Therapeutics in a research note on Monday, September 8th. Finally, Zacks Research lowered Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 14th.

Summit Therapeutics Stock Up 1.8%

NASDAQ SMMT traded up $0.34 during trading on Friday, hitting $18.94. The company's stock had a trading volume of 6,507,135 shares, compared to its average volume of 4,374,080. The firm has a 50 day moving average price of $25.45 and a 200 day moving average price of $23.19. The firm has a market cap of $14.07 billion, a P/E ratio of -18.75 and a beta of -1.02. Summit Therapeutics has a 52 week low of $15.55 and a 52 week high of $36.91.

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

Insider Transactions at Summit Therapeutics

In related news, CEO Robert W. Duggan acquired 5,000 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was acquired at an average price of $18.07 per share, for a total transaction of $90,350.00. Following the completion of the acquisition, the chief executive officer owned 556,093,090 shares of the company's stock, valued at $10,048,602,136.30. This trade represents a 0.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Mahkam Zanganeh acquired 5,000 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was bought at an average price of $18.07 per share, with a total value of $90,350.00. Following the acquisition, the chief executive officer directly owned 556,093,090 shares of the company's stock, valued at $10,048,602,136.30. The trade was a 0.00% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 676,788 shares of company stock valued at $11,969,512 in the last quarter. 84.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Summit Therapeutics

Several large investors have recently modified their holdings of SMMT. Northern Trust Corp increased its holdings in shares of Summit Therapeutics by 1.6% in the fourth 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 in the last quarter. Ameriprise Financial Inc. bought a new stake in shares of Summit Therapeutics in the fourth quarter worth about $406,000. Bank of America Corp DE grew its holdings in shares of Summit Therapeutics by 10.5% during the fourth quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after buying an additional 40,908 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Summit Therapeutics by 20.4% during the fourth quarter. Deutsche Bank AG now owns 478,808 shares of the company's stock worth $8,547,000 after buying an additional 81,130 shares in the last quarter. Finally, Jefferies Financial Group Inc. bought a new position in shares of Summit Therapeutics during the fourth quarter worth about $803,000. 4.61% of the stock is currently 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.