Summit Therapeutics (NASDAQ:SMMT) Shares Down 4.7% – Here’s Why

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price fell 4.7% on Friday . The company traded as low as $12.99 and last traded at $13.3480. 1,594,382 shares changed hands during trading, a decline of 60% from the average session volume of 3,955,497 shares. The stock had previously closed at $14.00.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Sanford C. Bernstein started coverage on shares of Summit Therapeutics in a research report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Friday, July 17th. Guggenheim cut their price objective on shares of Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating for the company in a report on Friday, July 24th. Piper Sandler reduced their price objective on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Finally, Stifel Nicolaus lowered their target price on shares of Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $24.25.

Summit Therapeutics Stock Down 6.0%

The company has a 50-day moving average price of $14.26 and a two-hundred day moving average price of $16.30. The stock has a market capitalization of $10.50 billion, a P/E ratio of -11.73 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT) last announced 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). On average, sell-side analysts expect that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert W. Duggan purchased 3,810,000 shares of the business’s stock in a transaction on Friday, June 12th. The stock was purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the acquisition, the chief executive officer directly 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Manmeet Singh Soni purchased 50,000 shares of Summit Therapeutics stock in a transaction dated Thursday, June 4th. The shares were purchased at an average price of $14.45 per share, with a total value of $722,500.00. Following the completion of 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. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 7,870,000 shares of company stock valued at $103,616,900. Company insiders own 83.50% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in SMMT. Polymer Capital Management HK LTD bought a new stake in Summit Therapeutics during the second quarter valued at $3,276,000. E Fund Management Co. Ltd. bought a new position in Summit Therapeutics in the 2nd quarter worth about $444,000. BlackRock Inc. bought a new position in Summit Therapeutics in the 2nd quarter worth about $138,838,000. Deutsche Bank AG purchased a new stake in shares of Summit Therapeutics in the 2nd quarter valued at about $3,487,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Summit Therapeutics in the 2nd quarter valued at about $6,284,000. 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.