Summit Therapeutics (NASDAQ:SMMT) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of Summit Therapeutics (NASDAQ:SMMT) from a hold rating to a sell rating in a report released on Saturday morning.

SMMT has been the subject of several other reports. Citigroup started coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, May 22nd. KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. Truist Financial upgraded Summit Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Finally, Sanford C. Bernstein began coverage on shares of Summit Therapeutics in a report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $26.97.

Summit Therapeutics Stock Up 0.4%

Shares of SMMT stock opened at $13.81 on Friday. The firm has a market cap of $10.72 billion, a price-to-earnings ratio of -8.63 and a beta of -1.26. Summit Therapeutics has a 52-week low of $12.55 and a 52-week high of $30.98. The company’s 50 day moving average is $15.43 and its 200 day moving average is $16.79.

Summit Therapeutics (NASDAQ:SMMT) last posted its 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. Analysts anticipate that Summit Therapeutics will post -1.18 EPS for the current fiscal year.

Insider Transactions at Summit Therapeutics

In other Summit Therapeutics news, CEO Robert W. Duggan acquired 3,810,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was purchased at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the acquisition, the chief executive officer owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Manmeet Singh Soni acquired 50,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was acquired at an average cost of $14.45 per share, with a total value of $722,500.00. Following the transaction, the chief financial officer directly owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. This represents a 1.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have acquired 7,870,000 shares of company stock valued at $103,616,900. Corporate insiders own 83.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Ball & Co Wealth Management Inc. acquired a new stake in Summit Therapeutics in the first quarter worth about $28,000. Kestra Advisory Services LLC purchased a new stake in shares of Summit Therapeutics during the fourth quarter worth about $28,000. Parallel Advisors LLC acquired a new position in shares of Summit Therapeutics during the third quarter valued at about $39,000. T. Rowe Price Investment Management Inc. increased its holdings in shares of 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 acquiring an additional 1,805 shares in the last quarter. Finally, Truvestments Capital LLC raised its position in shares of Summit Therapeutics by 200.2% in the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after purchasing an additional 1,736 shares during the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

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.