Summit Therapeutics (NASDAQ:SMMT) Trading 7.2% Higher – Time to Buy?

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price rose 7.2% during mid-day trading on Friday . The company traded as high as $13.34 and last traded at $13.33. Approximately 1,376,323 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 4,063,526 shares. The stock had previously closed at $12.43.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SMMT. Jefferies Financial Group set a $15.00 price objective on shares of Summit Therapeutics in a research note on Friday, July 24th. Sanford C. Bernstein began coverage on Summit Therapeutics in a research note on Thursday, May 21st. They issued an “underperform” rating and a $7.70 target price on the stock. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Piper Sandler dropped their price objective on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Friday, May 1st. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, July 24th. One 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $24.25.

Summit Therapeutics Stock Up 5.8%

The firm’s 50-day moving average is $14.16 and its 200-day moving average is $16.20. The company has a market cap of $10.49 billion, a PE ratio of -11.74 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results 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). As a group, equities research analysts anticipate that Summit Therapeutics PLC will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Manmeet Singh Soni acquired 50,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was acquired at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the acquisition, the chief financial officer owned 3,123,603 shares in the company, valued at $45,136,063.35. This trade represents a 1.63% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the transaction, the chief executive officer 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 disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 7,870,000 shares of company stock valued at $103,616,900 over the last ninety days. Company insiders own 83.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SMMT. AQR Capital Management LLC raised its position in shares of Summit Therapeutics by 5.0% in the 1st quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock worth $1,266,000 after purchasing an additional 3,134 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings 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 buying an additional 694 shares during the last quarter. Creative Planning increased its position in shares of Summit Therapeutics by 6.7% during the second quarter. Creative Planning now owns 21,390 shares of the company’s stock valued at $455,000 after acquiring an additional 1,336 shares in the last quarter. Legal & General Group Plc raised its holdings in Summit Therapeutics by 33.8% in the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company’s stock worth $561,000 after acquiring an additional 6,662 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in Summit Therapeutics in the 2nd quarter worth approximately $132,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.