Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 6% – Time to Sell?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) were down 6% on Monday . The stock traded as low as $13.91 and last traded at $13.8850. Approximately 3,225,443 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 3,613,418 shares. The stock had previously closed at $14.77.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SMMT shares. Sanford C. Bernstein started coverage on Summit Therapeutics in a research note on Thursday, May 21st. They issued an “underperform” rating and a $7.70 price target on the stock. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. Wall Street Zen cut Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Tuesday, April 21st. Finally, HC Wainwright downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Summit Therapeutics presently has an average rating of “Hold” and an average price target of $26.05.

Summit Therapeutics Stock Performance

The firm has a 50-day moving average price of $18.96 and a two-hundred day moving average price of $17.46. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of -8.82 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. Research analysts anticipate that Summit Therapeutics PLC will post -1.18 earnings per share for the current year.

Insider Activity at Summit Therapeutics

In other news, CEO Robert W. Duggan purchased 100,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was purchased at an average cost of $14.60 per share, with a total value of $1,460,000.00. Following the purchase, the chief executive officer owned 25,824,474 shares in the company, valued at $377,037,320.40. This trade represents a 0.39% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mahkam Zanganeh purchased 100,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The shares were purchased at an average cost of $14.60 per share, with a total value of $1,460,000.00. Following the completion of the purchase, the chief executive officer owned 25,824,474 shares in the company, valued at $377,037,320.40. This represents a 0.39% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 250,000 shares of company stock worth $3,642,500 in the last three months. 83.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ball & Co Wealth Management Inc. acquired a new position in Summit Therapeutics during the first quarter valued at $28,000. Kestra Advisory Services LLC acquired a new position in Summit Therapeutics during the fourth quarter valued at $28,000. Parallel Advisors LLC acquired a new position in Summit Therapeutics during the third quarter valued at $39,000. T. Rowe Price Investment Management Inc. raised its position in Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after buying an additional 1,805 shares during the period. Finally, Truvestments Capital LLC raised its position in Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after buying an additional 1,736 shares during the period. 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.