Summit Therapeutics (NASDAQ:SMMT) Trading Up 7.2% – Still a Buy?

by · The Cerbat Gem

Summit Therapeutics PLC (NASDAQ:SMMT – Get Free Report)’s stock price rose 7.2% during trading on Friday . The stock traded as high as $13.34 and last traded at $13.33. Approximately 1,376,323 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 4,063,526 shares. The stock had previously closed at $12.43.

Analyst Ratings Changes

SMMT has been the topic of several analyst reports. KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Sanford C. Bernstein initiated coverage on shares of Summit Therapeutics in a report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 price target for the company. Jefferies Financial Group set a $15.00 price objective on shares of Summit Therapeutics in a research report on Friday, July 24th. Leerink Partners raised Summit Therapeutics from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $12.00 to $13.00 in a research note on Wednesday, August 12th. Finally, Stifel Nicolaus reduced their target price on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Summit Therapeutics currently has an average rating of “Hold” and an average price target of $24.25.

View Our Latest Stock Report on Summit Therapeutics

Summit Therapeutics Stock Performance

The firm has a market capitalization of $10.50 billion, a P/E ratio of -11.75 and a beta of -1.23. The firm’s 50-day moving average is $14.15 and its 200 day moving average is $16.18.

Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). As a group, research analysts expect that Summit Therapeutics PLC will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Mahkam Zanganeh bought 3,810,000 shares of the business’s stock in a transaction on Friday, June 12th. The shares were purchased at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the purchase, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert W. Duggan bought 3,810,000 shares of the business’s stock in a transaction on 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 purchase, 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 bought 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is owned by corporate insiders.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Ball & Co Wealth Management Inc. acquired a new position in Summit Therapeutics during the first quarter worth $28,000. Kestra Advisory Services LLC acquired a new stake in Summit Therapeutics in the 4th quarter valued at $28,000. T. Rowe Price Investment Management Inc. increased its stake in Summit Therapeutics by 2,654.4% in the 4th 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 last quarter. Parallel Advisors LLC bought a new stake in Summit Therapeutics during the 3rd quarter worth about $39,000. Finally, Truvestments Capital LLC lifted its position in Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after buying an additional 1,736 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

About Summit Therapeutics

(Get Free Report)

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.

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