Summit Therapeutics PLC (NASDAQ:SMMT) Given Average Recommendation of “Hold” by Brokerages

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have been assigned an average recommendation of “Hold” from the eighteen ratings firms that are presently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $31.2857.

Several research analysts have recently commented on SMMT shares. Evercore ISI lifted 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. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price target on shares of Summit Therapeutics in a report on Wednesday, September 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Monday, September 8th. Citigroup reaffirmed a “buy” rating on shares of Summit Therapeutics in a report on Thursday, September 25th. Finally, Summit Redstone set a $13.00 price target on shares of Summit Therapeutics in a report on Tuesday, September 16th.

Insider Activity

In other news, CEO Mahkam Zanganeh acquired 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The shares were purchased at an average cost of $18.07 per share, for a total transaction of $90,350.00. Following the transaction, the chief executive officer directly owned 556,093,090 shares in the company, valued at $10,048,602,136.30. This trade represents a 0.00% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert W. Duggan acquired 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was purchased at an average price of $18.07 per share, for a total transaction of $90,350.00. Following the completion of the transaction, the chief executive officer owned 556,093,090 shares in the company, valued at $10,048,602,136.30. The trade was a 0.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 676,788 shares of company stock worth $11,969,512. 84.90% of the stock is currently owned by insiders.

Institutional Trading of Summit Therapeutics

Hedge funds have recently bought and sold shares of the company. Rockland Trust Co. bought a new stake in Summit Therapeutics in the 2nd quarter valued at about $8,512,000. Siren L.L.C. bought a new stake in Summit Therapeutics in the 1st quarter valued at about $13,407,000. Janney Montgomery Scott LLC lifted its position in Summit Therapeutics by 12.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 17,610 shares of the company’s stock valued at $340,000 after purchasing an additional 1,894 shares during the last quarter. Focus Partners Wealth lifted its position in Summit Therapeutics by 145,546.6% in the 1st quarter. Focus Partners Wealth now owns 84,475 shares of the company’s stock valued at $1,630,000 after purchasing an additional 84,417 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Summit Therapeutics by 2,629.7% in the 1st quarter. GAMMA Investing LLC now owns 15,914 shares of the company’s stock valued at $307,000 after purchasing an additional 15,331 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $22.15 on Tuesday. Summit Therapeutics has a one year low of $15.55 and a one year high of $36.91. The company has a 50-day simple moving average of $23.49 and a 200-day simple moving average of $23.26. The firm has a market capitalization of $16.45 billion, a PE ratio of -21.93 and a beta of -1.13.

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

About Summit Therapeutics

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.