Summit Therapeutics' (SMMT) Buy Rating Reiterated at Guggenheim

Key Points

• Guggenheim has reiterated a "buy" rating for Summit Therapeutics (SMMT) with a target price of $40.00, indicating a potential upside of 105.36% from its previous close.
• While most analysts have positive outlooks on the stock, with eleven "Buy" ratings and an average price target of $31.14, Wall Street Zen recently downgraded it to a "sell" rating.
• Insider buying activity has been noted, with CEO Robert W. Duggan acquiring 5,000 shares at about $18.07 per share, highlighting continued confidence in the company's performance.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Guggenheim in a research note issued on Wednesday,Benzinga reports. They presently have a $40.00 target price on the stock. Guggenheim's target price would indicate a potential upside of 105.36% from the stock's previous close.

Other equities research analysts have also issued research reports about the company. Citigroup lifted their price objective on Summit Therapeutics from $35.00 to $40.00 and gave the stock a "buy" rating in a report on Monday. Wall Street Zen downgraded Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, September 8th. Evercore ISI lifted their price target on Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Finally, Piper Sandler started coverage on Summit Therapeutics in a research report on Monday, August 18th. They set a "neutral" rating and a $21.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $31.14.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock traded up $0.74 during trading hours on Wednesday, hitting $19.48. 1,033,280 shares of the company's stock traded hands, compared to its average volume of 3,804,279. Summit Therapeutics has a 12-month low of $15.55 and a 12-month high of $36.91. The stock has a market capitalization of $14.47 billion, a price-to-earnings ratio of -15.78 and a beta of -1.13. The company has a fifty day simple moving average of $22.18 and a 200-day simple moving average of $23.39.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings data on Monday, October 20th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.17). On average, analysts forecast that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Insider Activity at Summit Therapeutics

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

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors have recently added to or reduced their stakes in SMMT. Golden State Wealth Management LLC grew its position in shares of Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after buying an additional 751 shares during the period. Ball & Co Wealth Management Inc. bought a new position in shares of Summit Therapeutics during the second quarter valued at approximately $31,000. Crowley Wealth Management Inc. increased its position in Summit Therapeutics by 66.7% during the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company's stock valued at $31,000 after buying an additional 600 shares in the last quarter. CWM LLC raised its stake in Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after buying an additional 1,624 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its holdings 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. Institutional investors own 4.61% of the company's stock.

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.

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