Summit Therapeutics PLC (NASDAQ:SMMT) Receives Average Rating of "Hold" from Analysts

Key Points

• Analysts hold a consensus “Hold” rating on Summit Therapeutics, with seven buys, six holds, two sells and one strong buy. The average 12-month price target is $26.15.
• SMMT opened at $13.02, below its 50-day and 200-day moving averages, and trades well below its 52-week high of $30.98. The company reported a quarterly loss of $0.28 per share, missing estimates by $0.01.
• Insiders bought 7.87 million shares worth approximately $103.6 million during the last quarter, with corporate insiders owning 83.5% of the stock; institutional investors own 4.61%.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) has earned a consensus rating of "Hold" from the sixteen analysts that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $26.1545.

SMMT has been the topic of several research analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Summit Therapeutics in a report on Friday, July 17th. KeyCorp reissued an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Citigroup initiated coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They issued a "buy" rating on the stock. Jefferies Financial Group set a $15.00 target price on Summit Therapeutics in a research report on Friday, July 24th. Finally, HC Wainwright reaffirmed a "neutral" rating on shares of Summit Therapeutics in a research note on Thursday, July 23rd.

Summit Therapeutics Stock Performance

SMMT stock opened at $13.02 on Monday. The firm has a 50 day simple moving average of $14.65 and a 200 day simple moving average of $16.48. Summit Therapeutics has a 52 week low of $12.25 and a 52 week high of $30.98. The stock has a market cap of $10.39 billion, a P/E ratio of -11.62 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Sell-side analysts predict that Summit Therapeutics will post -1.2 EPS for the current year.

Insider Activity at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 3,810,000 shares of the business'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 completion of the transaction, the chief executive officer owned 573,883,879 shares in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Manmeet Singh Soni bought 50,000 shares of Summit Therapeutics stock in a transaction on Thursday, June 4th. The stock was acquired at an average price of $14.45 per share, with a total value of $722,500.00. Following the completion of the purchase, the chief financial officer directly owned 3,123,603 shares of the company's stock, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 7,870,000 shares of company stock valued at $103,616,900. 83.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SMMT. Price T Rowe Associates Inc. MD boosted its holdings in Summit Therapeutics by 106.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company's stock worth $163,907,000 after purchasing an additional 4,832,592 shares in the last quarter. Baker BROS. Advisors LP raised its holdings in Summit Therapeutics by 7.9% during the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company's stock valued at $636,480,000 after buying an additional 2,668,089 shares in the last quarter. Norges Bank bought a new position in Summit Therapeutics during the fourth quarter valued at about $24,030,000. TD Asset Management Inc lifted its position in shares of Summit Therapeutics by 124.2% in the fourth quarter. TD Asset Management Inc now owns 1,205,272 shares of the company's stock worth $21,080,000 after buying an additional 667,742 shares during the last quarter. Finally, Polymer Capital Management HK LTD lifted its position in shares of Summit Therapeutics by 73.9% in the fourth quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company's stock worth $24,856,000 after buying an additional 603,879 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company's stock.

About Summit Therapeutics

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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