Summit Therapeutics’ (SMMT) “Neutral” Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their neutral rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note published on Thursday,Benzinga reports.

SMMT has been the topic of a number of other reports. Citigroup assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating on the stock. Truist Financial upgraded shares of Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Stifel Nicolaus started coverage on shares of Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating and a $45.00 target price for the company. Sanford C. Bernstein initiated coverage on shares of Summit Therapeutics in a research note on Thursday, May 21st. They issued an “underperform” rating and a $7.70 target price for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $26.97.

Summit Therapeutics Trading Up 1.6%

Shares of SMMT stock opened at $14.98 on Thursday. The business’s 50 day moving average is $15.09 and its two-hundred day moving average is $16.70. Summit Therapeutics has a twelve month low of $12.55 and a twelve month high of $30.98. The company has a market capitalization of $11.63 billion, a P/E ratio of -9.36 and a beta of -1.26.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). As a group, equities analysts predict that Summit Therapeutics will post -1.18 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Manmeet Singh Soni purchased 50,000 shares of Summit Therapeutics stock in a transaction dated Thursday, June 4th. The stock was bought at an average cost of $14.45 per share, for a total transaction of $722,500.00. Following the transaction, the chief financial officer owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were purchased at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the purchase, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders purchased 7,870,000 shares of company stock worth $103,616,900. Company insiders own 83.50% of the company’s stock.

Institutional Trading of Summit Therapeutics

Institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock valued at $1,273,000 after acquiring an additional 694 shares during the last quarter. Fifth Third Bancorp increased its position in Summit Therapeutics by 24.4% during the 1st quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock worth $71,000 after purchasing an additional 732 shares in the last quarter. Sei Investments Co. increased its position in Summit Therapeutics by 3.3% during the 3rd quarter. Sei Investments Co. now owns 27,163 shares of the company’s stock worth $561,000 after purchasing an additional 860 shares in the last quarter. Levin Capital Strategies L.P. raised its stake in Summit Therapeutics by 2.7% in the 4th quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company’s stock valued at $659,000 after purchasing an additional 1,000 shares during the last quarter. Finally, State of Wisconsin Investment Board raised its stake in Summit Therapeutics by 1.1% in the 4th quarter. State of Wisconsin Investment Board now owns 92,882 shares of the company’s stock valued at $1,625,000 after purchasing an additional 1,047 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

More Summit Therapeutics News

Here are the key news stories impacting Summit Therapeutics this week:

• Positive Sentiment: Summit reported quarterly EPS of $(0.19), beating analyst expectations of $(0.27), which suggests better-than-expected cost control or operating performance. Press Release
• Positive Sentiment: The company said updated Phase III HARMONi data showed favorable overall survival trends for ivonescimab, reinforcing the drug’s potential in non-small cell lung cancer and supporting the investment case. Article: Ivonescimab Plus Chemotherapy Shows Consistent, Favorable Overall Survival Results in Western and Asian Patients in Updated Analysis from Global Phase III HARMONi Study
• Positive Sentiment: Summit also announced a new clinical trial collaboration with Arcus Biosciences to evaluate ivonescimab in kidney cancer, expanding the drug’s late-stage development opportunities. Article: Arcus Biosciences and Summit Therapeutics Enter Into Clinical Trial Collaboration to Evaluate Casdatifan Combined with Ivonescimab in Kidney Cancer
• Neutral Sentiment: HC Wainwright reaffirmed its neutral rating on Summit Therapeutics, which is not a major catalyst by itself but reflects ongoing analyst attention. Benzinga
• Positive Sentiment: Additional commentary from analysts highlighted FDA acceptance of Summit’s BLA for ivonescimab plus chemotherapy and pointed to improving survival data, further boosting sentiment around the pending regulatory path. Article: Summit Therapeutics: ‘Buy’ On Ivonescimab’s November PDUFA And Impressive Partner Data

About Summit Therapeutics

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.