Summit Therapeutics PLC (NASDAQ:SMMT) Receives $31.77 Average Price Target from Analysts

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have been given a consensus recommendation of “Moderate Buy” by the eighteen brokerages that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $31.7692.

Several research analysts have issued reports on SMMT shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, September 8th. Guggenheim reissued a “buy” rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Wednesday, October 22nd. Summit Redstone set a $18.00 price target on Summit Therapeutics in a research report on Wednesday, December 17th. Wolfe Research began coverage on Summit Therapeutics in a research note on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Finally, Barclays raised Summit Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $16.00 to $18.00 in a report on Wednesday, December 17th.

Summit Therapeutics Stock Down 0.2%

SMMT opened at $18.12 on Friday. Summit Therapeutics has a 52 week low of $15.55 and a 52 week high of $36.91. The business’s 50 day moving average is $18.27 and its two-hundred day moving average is $21.56. The firm has a market cap of $13.97 billion, a price-to-earnings ratio of -14.61 and a beta of -1.53.

Summit Therapeutics (NASDAQ:SMMT) last posted 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). Equities analysts expect that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling at Summit Therapeutics

In other news, CEO Mahkam Zanganeh acquired 26,680 shares of the business’s stock in a transaction on Tuesday, October 21st. The stock was bought at an average price of $18.74 per share, for a total transaction of $499,983.20. Following the transaction, the chief executive officer owned 76,680 shares in the company, valued at $1,436,983.20. This represents a 53.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert W. Duggan bought 26,680 shares of the stock in a transaction dated Tuesday, October 21st. The stock was purchased at an average cost of $18.74 per share, for a total transaction of $499,983.20. Following the acquisition, the chief executive officer owned 76,680 shares of the company’s stock, valued at approximately $1,436,983.20. This represents a 53.36% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have bought 586,977 shares of company stock valued at $10,999,949. 84.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Nuveen LLC purchased a new position in shares of Summit Therapeutics during the 1st quarter worth approximately $4,550,000. Russell Investments Group Ltd. grew its holdings in Summit Therapeutics by 204.3% during the first quarter. Russell Investments Group Ltd. now owns 211,004 shares of the company’s stock worth $4,070,000 after acquiring an additional 141,664 shares during the period. AlphaQuest LLC purchased a new position in Summit Therapeutics in the first quarter worth $49,000. CreativeOne Wealth LLC lifted its holdings in Summit Therapeutics by 4.8% in the first quarter. CreativeOne Wealth LLC now owns 21,169 shares of the company’s stock valued at $408,000 after acquiring an additional 974 shares during the period. Finally, Tema Etfs LLC boosted its position in shares of Summit Therapeutics by 268.3% during the 1st quarter. Tema Etfs LLC now owns 98,111 shares of the company’s stock worth $1,893,000 after purchasing an additional 71,470 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.