Summit Therapeutics PLC (NASDAQ:SMMT) Receives Consensus Rating of “Hold” from Brokerages

Summit Therapeutics PLC (NASDAQ:SMMT) has been assigned an average recommendation of “Hold” from the sixteen analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, eight have given a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $24.0727.

A number of brokerages recently weighed in on SMMT. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Friday, July 17th. Sanford C. Bernstein upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and increased their price target for the stock from $9.80 to $11.90 in a report on Tuesday. Jefferies Financial Group set a $15.00 price objective on Summit Therapeutics in a research report on Friday, July 24th. Guggenheim reissued a “buy” rating on shares of Summit Therapeutics in a research note on Wednesday. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, July 24th.

Trending Headlines about Summit Therapeutics

Here are the key news stories impacting Summit Therapeutics this week:

• Positive Sentiment: Positive Phase III biliary tract cancer results: In the HARMONi-GI1 study, ivonescimab delivered an overall-survival benefit and outperformed AstraZeneca’s Imfinzi in Chinese biliary tract cancer patients. The result broadens the drug’s potential market and is the primary catalyst behind recent strength in SMMT shares. SMMT Rises on Akeso’s Win in Phase III Biliary Tract Cancer Study
• Positive Sentiment: Pipeline validation: The HARMONi-GI1 findings add to earlier positive ivonescimab data in NSCLC and support Summit’s strategy of developing the Akeso-partnered therapy across multiple cancer indications. The Phase III HARMONi results were also published in The Lancet Oncology, providing additional visibility and credibility. Ivonescimab beats Imfinzi in Chinese biliary tract cancer trial Summit Therapeutics Published Phase III HARMONi Results In The Lancet Oncology
• Positive Sentiment: More favorable analyst view: A Seeking Alpha analysis upgraded Summit to Buy, citing improving sentiment and upcoming global clinical and regulatory catalysts, including pivotal data and potential FDA decisions. Summit Therapeutics: Signals Of Moving Past Lung Cancer
• Neutral Sentiment: Mixed analyst signals: HC Wainwright reaffirmed its Neutral rating, indicating that the promising clinical data have not yet eliminated uncertainty around commercialization, regulatory approval and valuation.
• Negative Sentiment: Cash-burn and execution concerns: Summit remains loss-making, and its substantial operating expenses and aggressive pipeline expansion could leave liquidity covering only several quarters. Investors may therefore remain cautious until additional global trial and regulatory milestones are achieved. Summit Therapeutics: Signals Of Moving Past Lung Cancer

Summit Therapeutics Trading Up 0.7%

Shares of SMMT stock opened at $14.33 on Friday. Summit Therapeutics has a 1-year low of $12.07 and a 1-year high of $29.23. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of -12.79 and a beta of -1.23. The stock has a 50-day moving average of $14.12 and a 200-day moving average of $16.17.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Sell-side analysts forecast that Summit Therapeutics will post -1.2 earnings per share for the current year.

Insider Buying and Selling at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh purchased 3,810,000 shares of the company’s stock in a transaction on Friday, June 12th. The shares were purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the purchase, the chief executive officer owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert W. Duggan purchased 3,810,000 shares of the business’s stock in a transaction on Friday, June 12th. The shares were acquired at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their position. 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. 83.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SMMT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Summit Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after purchasing an additional 694 shares during the period. Fifth Third Bancorp increased its stake in Summit Therapeutics by 24.4% in the first quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock valued at $71,000 after purchasing an additional 732 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Summit Therapeutics by 3.3% during the third quarter. Sei Investments Co. now owns 27,163 shares of the company’s stock valued at $561,000 after purchasing an additional 860 shares during the period. Levin Capital Strategies L.P. raised its holdings in shares of Summit Therapeutics by 2.7% during the fourth quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company’s stock valued at $659,000 after purchasing an additional 1,000 shares during the period. Finally, State of Wisconsin Investment Board boosted its position in shares of Summit Therapeutics by 1.1% during the 4th quarter. State of Wisconsin Investment Board now owns 92,882 shares of the company’s stock worth $1,625,000 after purchasing an additional 1,047 shares in the last quarter. Institutional investors and hedge funds 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.