Summit Therapeutics (NASDAQ:SMMT) Upgraded at Leerink Partners

Leerink Partners upgraded shares of Summit Therapeutics (NASDAQ:SMMT) from an underperform rating to a market perform rating in a report published on Wednesday, Marketbeat Ratings reports. Leerink Partners currently has $13.00 price target on the stock, up from their prior price target of $12.00.

SMMT has been the subject of several other reports. Sanford C. Bernstein began coverage on Summit Therapeutics in a research note on Thursday, May 21st. They set an “underperform” rating and a $7.70 target price for the company. Stifel Nicolaus decreased their price objective on shares of Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 24th. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, July 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Friday, July 17th. Finally, Wall Street Zen lowered Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $24.25.

Summit Therapeutics Trading Down 4.6%

Summit Therapeutics stock opened at $13.35 on Wednesday. The firm has a market cap of $10.65 billion, a PE ratio of -11.92 and a beta of -1.23. Summit Therapeutics has a 12 month low of $12.25 and a 12 month high of $30.05. The stock’s 50 day simple moving average is $14.23 and its two-hundred day simple moving average is $16.28.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). On average, equities research analysts forecast that Summit Therapeutics will post -1.2 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert W. Duggan bought 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 acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Manmeet Singh Soni purchased 50,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was bought at an average price of $14.45 per share, with a total value of $722,500.00. Following the completion of the transaction, the chief financial officer directly owned 3,123,603 shares of the company’s stock, valued at approximately $45,136,063.35. This represents a 1.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 7,870,000 shares of company stock valued at $103,616,900 in the last ninety days. 83.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ball & Co Wealth Management Inc. acquired a new position in Summit Therapeutics in the 1st quarter valued at about $28,000. Kestra Advisory Services LLC purchased a new stake in shares of Summit Therapeutics during the 4th quarter valued at approximately $28,000. T. Rowe Price Investment Management Inc. lifted its holdings in Summit Therapeutics by 2,654.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after acquiring an additional 1,805 shares during the last quarter. Parallel Advisors LLC acquired a new position in Summit Therapeutics in the third quarter valued at approximately $39,000. Finally, Truvestments Capital LLC grew its position in Summit Therapeutics by 200.2% in the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after acquiring an additional 1,736 shares during the period. 4.61% of the stock is currently 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.