Summit Therapeutics’ (SMMT) “Sell (D-)” Rating Reaffirmed at Weiss Ratings

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “sell (d-)” rating reiterated by equities research analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

A number of other research analysts have also recently issued reports on SMMT. Leerink Partnrs raised shares of Summit Therapeutics to a “strong sell” rating in a research report on Wednesday, June 11th. Leerink Partners assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, June 11th. They set an “underperform” rating and a $12.00 price target for the company. Guggenheim assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, September 3rd. They set a “buy” rating and a $40.00 price target for the company. Citigroup reissued a “buy” rating on shares of Summit Therapeutics in a research report on Thursday, September 25th. Finally, 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 research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $31.29.

Summit Therapeutics Trading Up 4.7%

Shares of SMMT opened at $23.34 on Wednesday. The firm’s 50-day moving average price is $23.34 and its 200-day moving average price is $23.25. The firm has a market capitalization of $17.34 billion, a price-to-earnings ratio of -23.11 and a beta of -1.13. Summit Therapeutics has a 1-year low of $15.55 and a 1-year high of $36.91.

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

Insider Activity at Summit Therapeutics

In related news, CEO Mahkam Zanganeh acquired 333,394 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The stock was purchased at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the completion of the acquisition, the chief executive officer directly owned 556,088,090 shares of the company’s stock, valued at approximately $9,831,637,431.20. This trade represents a 0.06% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert W. Duggan acquired 333,394 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The shares were bought at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the completion of the acquisition, the chief executive officer directly owned 556,088,090 shares of the company’s stock, valued at $9,831,637,431.20. The trade was a 0.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 676,788 shares of company stock valued at $11,969,512 over the last three months. 84.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Summit Therapeutics during the second quarter valued at approximately $29,576,000. APEIRON CAPITAL Ltd purchased a new position in shares of Summit Therapeutics during the second quarter valued at approximately $25,556,000. Fiera Capital Corp purchased a new position in shares of Summit Therapeutics during the second quarter valued at approximately $16,659,000. Siren L.L.C. bought a new stake in Summit Therapeutics during the first quarter valued at approximately $13,407,000. Finally, Bank of America Corp DE grew its position in Summit Therapeutics by 53.3% during the second quarter. Bank of America Corp DE now owns 566,147 shares of the company’s stock valued at $12,048,000 after buying an additional 196,925 shares during the period. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.