Summit Therapeutics PLC (NASDAQ:SMMT) Receives Consensus Rating of “Hold” from Brokerages

Summit Therapeutics PLC (NASDAQ:SMMT) has been assigned a consensus recommendation of “Hold” from the seventeen ratings firms that are covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $33.0833.

Several research firms have issued reports on SMMT. Barclays upgraded shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $16.00 to $18.00 in a research note on Wednesday, December 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Wednesday, October 8th. Piper Sandler set a $40.00 price objective on Summit Therapeutics in a research report on Wednesday. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Finally, Wolfe Research assumed coverage on Summit Therapeutics in a research report on Tuesday, November 18th. They set a “peer perform” rating on the stock.

Summit Therapeutics Stock Up 5.0%

Shares of NASDAQ SMMT opened at $17.65 on Thursday. The stock has a market capitalization of $13.61 billion, a PE ratio of -14.23 and a beta of -1.51. The firm has a fifty day moving average of $17.82 and a 200-day moving average of $21.27. Summit Therapeutics has a 52-week low of $15.55 and a 52-week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, October 20th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.17). Equities research analysts expect that Summit Therapeutics will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other Summit Therapeutics news, CEO Mahkam Zanganeh bought 26,680 shares of the business’s stock in a transaction on Tuesday, October 21st. The shares were bought at an average cost of $18.74 per share, with a total value of $499,983.20. Following the transaction, the chief executive officer directly owned 76,680 shares in the company, valued at approximately $1,436,983.20. This trade represents a 53.36% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Yu Xia purchased 533,617 shares of the firm’s stock in a transaction dated Tuesday, October 21st. The shares were bought at an average cost of $18.74 per share, with a total value of $9,999,982.58. Following the transaction, the director directly owned 32,057,147 shares of the company’s stock, valued at approximately $600,750,934.78. This represents a 1.69% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 586,977 shares of company stock worth $10,999,949 in the last quarter. 84.90% of the stock is owned by corporate insiders.

Institutional Trading of Summit Therapeutics

Several institutional investors have recently added to or reduced their stakes in SMMT. Vanguard Group Inc. raised its position in shares of Summit Therapeutics by 31.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after acquiring an additional 2,706,056 shares in the last quarter. Norges Bank bought a new stake in Summit Therapeutics during the second quarter valued at $29,576,000. APEIRON CAPITAL Ltd raised its holdings in shares of Summit Therapeutics by 9.2% during the third quarter. APEIRON CAPITAL Ltd now owns 1,310,941 shares of the company’s stock worth $27,084,000 after purchasing an additional 110,000 shares during the period. Fiera Capital Corp bought a new position in shares of Summit Therapeutics in the 2nd quarter worth about $16,659,000. Finally, Bank of America Corp DE boosted its holdings in shares of Summit Therapeutics by 16.1% in the 3rd quarter. Bank of America Corp DE now owns 657,313 shares of the company’s stock valued at $13,580,000 after buying an additional 91,166 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.