Brokerages Set Summit Therapeutics PLC (NASDAQ:SMMT) PT at $31.14

Summit Therapeutics PLC (NASDAQ:SMMT) has been assigned a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are currently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $31.1429.

A number of brokerages have recently issued reports on SMMT. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Summit Redstone set a $13.00 target price on Summit Therapeutics in a report on Tuesday, September 16th. HC Wainwright dropped their target price on Summit Therapeutics from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, October 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a report on Wednesday, October 8th. Finally, Piper Sandler initiated coverage on Summit Therapeutics in a report on Monday, August 18th. They issued a “neutral” rating and a $21.00 target price for the company.

Insider Buying and Selling

In other Summit Therapeutics news, Director Yu Xia purchased 533,617 shares of the firm’s stock in a transaction that occurred on Tuesday, October 21st. The shares were acquired at an average cost of $18.74 per share, for a total transaction of $9,999,982.58. Following the transaction, the director directly owned 32,057,147 shares in the company, valued at approximately $600,750,934.78. The trade was a 1.69% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert W. Duggan purchased 26,680 shares of the firm’s stock in a transaction that occurred on Tuesday, October 21st. The shares were acquired at an average price of $18.74 per share, for a total transaction of $499,983.20. Following the completion of the transaction, the chief executive officer owned 76,680 shares in the company, valued at $1,436,983.20. The trade was a 53.36% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 1,263,765 shares of company stock worth $22,969,461 in the last three months. Insiders own 84.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SMMT. Golden State Wealth Management LLC grew its stake in Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock valued at $29,000 after acquiring an additional 751 shares during the period. Ball & Co Wealth Management Inc. bought a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $31,000. Crowley Wealth Management Inc. grew its holdings in shares of Summit Therapeutics by 66.7% in the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after acquiring an additional 600 shares in the last quarter. CWM LLC grew its holdings in shares of Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock valued at $32,000 after acquiring an additional 1,624 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its holdings 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 purchasing an additional 447 shares during the period. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Down 3.6%

Summit Therapeutics stock opened at $18.22 on Friday. The business has a 50 day moving average price of $20.86 and a two-hundred day moving average price of $23.30. The stock has a market cap of $14.05 billion, a price-to-earnings ratio of -14.69 and a beta of -1.13. Summit Therapeutics has a 12 month low of $15.55 and a 12 month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results 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, analysts expect that Summit Therapeutics will post -0.3 earnings per share for the current fiscal 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.