Summit Therapeutics (NASDAQ:SMMT) Earns “Sell (D-)” Rating from Weiss Ratings

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

A number of other brokerages have also issued reports on SMMT. Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. 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 research note on Tuesday, August 12th. Guggenheim reiterated a “buy” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, October 22nd. Barclays upped their target price on Summit Therapeutics from $13.00 to $16.00 and gave the stock an “underweight” rating in a research note on Tuesday, October 21st. Finally, HC Wainwright dropped their price target on shares of Summit Therapeutics from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.14.

Summit Therapeutics Stock Up 2.8%

NASDAQ SMMT opened at $19.28 on Friday. The firm has a market cap of $14.35 billion, a PE ratio of -15.55 and a beta of -1.13. The company has a 50 day moving average price of $21.72 and a 200 day moving average price of $23.47. Summit Therapeutics has a 52 week low of $15.55 and a 52 week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, October 20th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.17). On average, equities research analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Summit Therapeutics news, Director Yu Xia purchased 533,617 shares of the stock in a transaction that occurred on Tuesday, October 21st. The shares were purchased at an average cost of $18.74 per share, for a total transaction of $9,999,982.58. Following the completion of the transaction, the director owned 32,057,147 shares of the company’s stock, valued at $600,750,934.78. The trade was a 1.69% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert W. Duggan purchased 333,394 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were acquired at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the transaction, 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 position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 1,263,765 shares of company stock worth $22,969,461. 84.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors have recently bought and sold shares of the company. Rockland Trust Co. acquired a new stake in Summit Therapeutics during the second quarter worth $8,512,000. APEIRON CAPITAL Ltd purchased a new stake in shares of Summit Therapeutics in the 2nd quarter valued at approximately $25,556,000. Siren L.L.C. purchased a new stake in shares of Summit Therapeutics in the 1st quarter valued at approximately $13,407,000. Janney Montgomery Scott LLC raised its stake in shares of 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 acquiring an additional 1,894 shares during the period. Finally, Focus Partners Wealth raised its stake in shares of 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 acquiring an additional 84,417 shares during the period. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.