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

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have received a consensus recommendation of “Hold” from the seventeen analysts that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $27.2250.

A number of brokerages have issued reports on SMMT. Stifel Nicolaus began coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating and a $45.00 target price on the stock. Jefferies Financial Group lowered shares of Summit Therapeutics from a “buy” rating to a “hold” rating and decreased their target price for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. HC Wainwright lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Piper Sandler decreased their target price on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Tuesday, April 21st.

Summit Therapeutics Stock Up 7.1%

Shares of NASDAQ:SMMT opened at $14.01 on Friday. The company’s 50 day moving average price is $18.55 and its two-hundred day moving average price is $17.35. Summit Therapeutics has a 12-month low of $12.55 and a 12-month high of $30.98. The firm has a market cap of $10.87 billion, a PE ratio of -8.76 and a beta of -1.32.

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

Insider Buying and Selling

In other news, CEO Robert W. Duggan purchased 3,810,000 shares of Summit Therapeutics stock in a transaction that occurred 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 transaction, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. The trade was a 0.67% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Manmeet Singh Soni purchased 50,000 shares of Summit Therapeutics stock in a transaction that occurred on Thursday, June 4th. The shares were purchased at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the transaction, the chief financial officer directly owned 3,123,603 shares in the company, valued at $45,136,063.35. This represents a 1.63% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 7,870,000 shares of company stock worth $103,616,900. Corporate insiders own 83.50% of the company’s stock.

Institutional Trading of Summit Therapeutics

Several large investors have recently made changes to their positions in SMMT. AQR Capital Management LLC boosted its position in shares of Summit Therapeutics by 5.0% during the 1st quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock worth $1,266,000 after acquiring an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Summit Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after acquiring an additional 694 shares in the last quarter. Creative Planning boosted its position in shares of Summit Therapeutics by 6.7% during the 2nd quarter. Creative Planning now owns 21,390 shares of the company’s stock worth $455,000 after acquiring an additional 1,336 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Summit Therapeutics by 33.8% during the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company’s stock worth $561,000 after acquiring an additional 6,662 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Summit Therapeutics during the 2nd quarter worth approximately $132,000. 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.