Summit Therapeutics (NASDAQ:SMMT - Get Free Report)'s stock had its "market outperform" rating reissued by investment analysts at JMP Securities in a research report issued on Monday,Benzinga reports. They presently have a $40.00 price target on the stock. JMP Securities' target price suggests a potential upside of 96.89% from the stock's previous close.
Several other research firms have also commented on SMMT. Weiss Ratings reissued a "sell (d-)" rating on shares of Summit Therapeutics in a report on Wednesday, October 8th. Piper Sandler began coverage on Summit Therapeutics in a research report on Monday, August 18th. They issued a "neutral" rating and a $21.00 price target for the company. Guggenheim started coverage on Summit Therapeutics in a research report on Wednesday, September 3rd. They issued a "buy" rating and a $40.00 price target for the company. Summit Redstone set a $13.00 target price on Summit Therapeutics in a research note on Tuesday, September 16th. Finally, HC Wainwright reiterated a "buy" rating and issued a $50.00 target price on shares of Summit Therapeutics in a research note on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Summit Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $31.29.
View Our Latest Report on SMMT
Summit Therapeutics Trading Down 3.2%
Shares of Summit Therapeutics stock opened at $20.32 on Monday. Summit Therapeutics has a 12-month low of $15.55 and a 12-month high of $36.91. The company has a market cap of $15.09 billion, a P/E ratio of -20.25 and a beta of -1.13. The company's fifty day simple moving average is $22.48 and its two-hundred day simple moving average is $23.40.
Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). Analysts predict that Summit Therapeutics will post -0.3 EPS for the current fiscal year.
Insider Buying and Selling
In other news, CEO Mahkam Zanganeh purchased 5,000 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was purchased at an average cost 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert W. Duggan purchased 5,000 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was acquired at an average cost of $18.07 per share, for a total transaction of $90,350.00. Following the purchase, the chief executive officer owned 556,093,090 shares in the company, valued at approximately $10,048,602,136.30. The trade was a 0.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 676,788 shares of company stock valued at $11,969,512 over the last 90 days. Company insiders own 84.90% of the company's stock.
Institutional Investors Weigh In On Summit Therapeutics
Several hedge funds and other institutional investors have recently made changes to their positions in SMMT. Norges Bank acquired a new position in Summit Therapeutics during the second quarter worth approximately $29,576,000. APEIRON CAPITAL Ltd acquired a new position in Summit Therapeutics during the second quarter worth approximately $25,556,000. Fiera Capital Corp purchased a new position in shares of Summit Therapeutics in the 2nd quarter valued at approximately $16,659,000. Siren L.L.C. purchased a new position in shares of Summit Therapeutics in the 1st quarter valued at approximately $13,407,000. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Summit Therapeutics in the 1st quarter valued at approximately $10,378,000. Institutional investors and hedge funds own 4.61% of the company's stock.
About Summit Therapeutics
(
Get Free Report)
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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