Summit Therapeutics (NASDAQ:SMMT) Earns Underweight Rating from Analysts at Barclays

Barclays initiated coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a report released on Tuesday morning, Marketbeat reports. The firm issued an underweight rating and a $13.00 target price on the stock.

Several other research firms have also recently weighed in on SMMT. Evercore ISI upped their price target on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an “outperform” rating in a report on Tuesday, August 12th. HC Wainwright reiterated a “buy” rating and issued a $50.00 price target on shares of Summit Therapeutics in a report on Tuesday. Zacks Research cut shares of Summit Therapeutics from a “hold” rating to a “strong sell” rating in a report on Thursday, August 14th. Piper Sandler began coverage on shares of Summit Therapeutics in a report on Monday, August 18th. They set a “neutral” rating and a $21.00 target price for the company. Finally, Leerink Partners began coverage on shares of Summit Therapeutics in a report on Wednesday, June 11th. They set an “underperform” rating and a $12.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.87.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $19.23 on Tuesday. The stock has a market cap of $14.29 billion, a P/E ratio of -19.04 and a beta of -1.02. The firm has a 50 day moving average price of $25.01 and a 200 day moving average price of $23.11. Summit Therapeutics has a 52-week low of $15.55 and a 52-week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.66). Analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In other Summit Therapeutics news, CEO Mahkam Zanganeh purchased 333,394 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The shares were acquired at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the purchase, the chief executive officer owned 556,088,090 shares of the company’s stock, valued at approximately $9,831,637,431.20. The trade was a 0.06% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert W. Duggan purchased 333,394 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The stock was acquired at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the purchase, the chief executive officer directly owned 556,088,090 shares of the company’s stock, valued at $9,831,637,431.20. This represents a 0.06% increase in their position. The disclosure for this purchase can be found here. Insiders bought 676,788 shares of company stock worth $11,969,512 over the last three months. Insiders own 84.90% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Ball & Co Wealth Management Inc. acquired a new stake in Summit Therapeutics during the second quarter worth about $31,000. Golden State Wealth Management LLC grew its stake in Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after buying an additional 751 shares in the last quarter. CWM LLC grew its stake in Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after buying an additional 1,624 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in Summit Therapeutics by 34.1% during the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after buying an additional 447 shares in the last quarter. Finally, AlphaQuest LLC acquired a new stake in Summit Therapeutics during the first quarter worth about $49,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.