Summit Therapeutics PLC (NASDAQ:SMMT) Given Average Rating of “Hold” by Analysts

Summit Therapeutics PLC (NASDAQ:SMMT) has earned an average recommendation of “Hold” from the seventeen research firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $27.2250.

SMMT has been the topic of several analyst reports. Citigroup initiated coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating on the stock. Stifel Nicolaus initiated coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, May 22nd. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Finally, Truist Financial raised Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT opened at $13.75 on Friday. Summit Therapeutics has a 1-year low of $12.55 and a 1-year high of $30.98. The business’s fifty day moving average price is $18.14 and its two-hundred day moving average price is $17.24. The firm has a market capitalization of $10.67 billion, a PE ratio of -8.59 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.03. Equities research analysts expect that Summit Therapeutics will post -1.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Summit Therapeutics news, CEO Robert W. Duggan purchased 3,810,000 shares of the stock in a transaction dated Friday, June 12th. The shares were bought at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the acquisition, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the stock in a transaction dated Friday, June 12th. The shares were acquired at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the acquisition, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 7,870,000 shares of company stock valued at $103,616,900 over the last three months. Company insiders own 83.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SMMT. Price T Rowe Associates Inc. MD increased its holdings in shares of Summit Therapeutics by 106.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock valued at $163,907,000 after purchasing an additional 4,832,592 shares during the period. Vanguard Group Inc. increased its holdings in shares of Summit Therapeutics by 31.2% during the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after purchasing an additional 2,706,056 shares during the period. Baker BROS. Advisors LP increased its holdings in shares of Summit Therapeutics by 7.9% during the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after purchasing an additional 2,668,089 shares during the period. Norges Bank acquired a new position in shares of Summit Therapeutics during the fourth quarter valued at $24,030,000. Finally, TD Asset Management Inc increased its holdings in shares of Summit Therapeutics by 124.2% during the fourth quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock valued at $21,080,000 after purchasing an additional 667,742 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.