Summit Therapeutics (NASDAQ:SMMT) Reaches New 12-Month Low – Should You Sell?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) hit a new 52-week low during trading on Monday . The stock traded as low as $12.15 and last traded at $12.2040, with a volume of 1224445 shares trading hands. The stock had previously closed at $13.35.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Leerink Partners upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $12.00 to $13.00 in a research report on Wednesday, August 12th. Sanford C. Bernstein began coverage on shares of Summit Therapeutics in a report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 target price on the stock. Stifel Nicolaus cut their target price on shares of Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, July 24th. HC Wainwright reiterated a “neutral” rating on shares of Summit Therapeutics in a report on Thursday, August 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $24.25.

Summit Therapeutics Stock Performance

The company has a fifty day moving average of $14.23 and a two-hundred day moving average of $16.27. The company has a market cap of $10.14 billion, a PE ratio of -11.35 and a beta of -1.23.

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

Insider Activity at Summit Therapeutics

In other news, CEO Mahkam Zanganeh acquired 3,810,000 shares of Summit Therapeutics stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CFO Manmeet Singh Soni acquired 50,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was purchased at an average cost of $14.45 per share, with a total value of $722,500.00. Following the purchase, the chief financial officer owned 3,123,603 shares of the company’s stock, valued at $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have bought 7,870,000 shares of company stock worth $103,616,900. Insiders own 83.50% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ball & Co Wealth Management Inc. purchased a new stake in Summit Therapeutics in the first quarter worth $28,000. Kestra Advisory Services LLC bought a new position in shares of Summit Therapeutics in the fourth quarter worth about $28,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of 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 worth $33,000 after purchasing an additional 1,805 shares during the last quarter. Parallel Advisors LLC purchased a new position in Summit Therapeutics in the 3rd quarter worth about $39,000. Finally, Truvestments Capital LLC increased its stake in Summit Therapeutics by 200.2% in the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after buying an additional 1,736 shares during the period. 4.61% of the stock is owned by institutional investors.

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.