Summit Therapeutics (NASDAQ:SMMT) Now Covered by Analysts at Wolfe Research

Wolfe Research began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report report published on Tuesday morning, MarketBeat reports. The firm issued a peer perform rating on the stock.

Several other analysts have also recently issued reports on the company. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Wednesday, October 8th. Guggenheim reiterated a “buy” rating and set a $40.00 target price on shares of Summit Therapeutics in a research note on Wednesday, October 22nd. Citigroup raised their price target on shares of Summit Therapeutics from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Monday, September 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $31.14.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $16.81 on Tuesday. The company has a market capitalization of $12.96 billion, a P/E ratio of -13.56 and a beta of -1.21. Summit Therapeutics has a one year low of $15.55 and a one year high of $36.91. The stock has a 50-day moving average price of $19.65 and a 200 day moving average price of $22.62.

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

Insider Transactions at Summit Therapeutics

In other news, CEO Mahkam Zanganeh bought 333,394 shares of Summit Therapeutics stock in a transaction on 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 purchase, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert W. Duggan bought 333,394 shares of the firm’s stock in a transaction on Wednesday, September 10th. The stock was purchased at an average price of $17.68 per share, with a total value of $5,894,405.92. Following the transaction, the chief executive officer owned 556,088,090 shares in the company, valued at $9,831,637,431.20. The trade was a 0.06% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 1,263,765 shares of company stock worth $22,969,461. Insiders own 84.90% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Ball & Co Wealth Management Inc. acquired a new stake in Summit Therapeutics in the 2nd quarter valued at approximately $31,000. Crowley Wealth Management Inc. grew its stake in shares of Summit Therapeutics by 66.7% in the third quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock worth $31,000 after purchasing an additional 600 shares in the last quarter. CWM LLC increased its holdings in shares of Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company’s stock valued at $32,000 after purchasing an additional 1,624 shares during the period. SBI Securities Co. Ltd. raised its stake in shares of Summit Therapeutics by 34.1% during the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock valued at $37,000 after purchasing an additional 447 shares in the last quarter. Finally, Parallel Advisors LLC bought a new stake in shares of Summit Therapeutics during the third quarter valued at about $39,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.