Summit Therapeutics (NASDAQ:SMMT) Stock Price Crosses Below Fifty Day Moving Average – Here’s What Happened

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $15.51 and traded as low as $13.54. Summit Therapeutics shares last traded at $13.76, with a volume of 3,748,132 shares.

Analysts Set New Price Targets

Several research firms recently commented on SMMT. Piper Sandler cut their price target on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Friday, May 1st. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, May 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Tuesday, April 21st. Finally, HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $26.97.

Summit Therapeutics Trading Up 0.4%

The stock has a market cap of $10.72 billion, a PE ratio of -8.63 and a beta of -1.26. The company’s 50 day moving average is $15.43 and its 200-day moving average is $16.79.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. As a group, analysts forecast that Summit Therapeutics PLC will post -1.18 EPS for the current year.

Insider Activity at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 3,810,000 shares of the stock in a transaction on Friday, June 12th. The stock was purchased at an average price 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 $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert W. Duggan acquired 3,810,000 shares of the company’s stock in a transaction on Friday, June 12th. The shares were acquired at an average price 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 in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 7,870,000 shares of company stock valued at $103,616,900. Insiders own 83.50% of the company’s stock.

Institutional Trading of Summit Therapeutics

Several institutional investors have recently added to or reduced their stakes in SMMT. Baker BROS. Advisors LP grew its holdings in Summit Therapeutics by 7.9% during the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after acquiring an additional 2,668,089 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Summit Therapeutics by 106.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after purchasing an additional 4,832,592 shares during the last quarter. State Street Corp raised its stake in shares of Summit Therapeutics by 4.3% in the 4th quarter. State Street Corp now owns 6,636,361 shares of the company’s stock valued at $116,070,000 after purchasing an additional 274,425 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Summit Therapeutics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock valued at $55,063,000 after purchasing an additional 14,745 shares in the last quarter. Finally, Polymer Capital Management HK LTD lifted its position in shares of Summit Therapeutics by 73.9% during the fourth quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company’s stock worth $24,856,000 after purchasing an additional 603,879 shares during the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

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.