Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – What’s Next?

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $14.60, but opened at $15.52. Summit Therapeutics shares last traded at $16.0010, with a volume of 2,031,270 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Sanford C. Bernstein raised Summit Therapeutics from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $9.80 to $11.90 in a report on Tuesday, August 25th. Guggenheim reaffirmed a “buy” rating on shares of Summit Therapeutics in a research note on Wednesday, August 26th. HC Wainwright reaffirmed a “neutral” rating on shares of Summit Therapeutics in a research report on Thursday. Wall Street Zen cut Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Finally, Summit Redstone set a $11.90 price objective on Summit Therapeutics in a research note on Tuesday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Summit Therapeutics presently has an average rating of “Hold” and an average price target of $24.07.

Summit Therapeutics Stock Up 13.3%

The business’s fifty day moving average is $14.11 and its two-hundred day moving average is $16.14. The stock has a market capitalization of $13.19 billion, a PE ratio of -14.84 and a beta of -1.24.

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

Insiders Place Their Bets

In other Summit Therapeutics news, CEO Mahkam Zanganeh bought 3,810,000 shares of the company’s stock in a transaction on Friday, June 12th. The shares were bought 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. The trade was a 0.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing 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 dated 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 purchase, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their position. The SEC filing for this purchase provides additional information. 83.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System lifted its position in Summit Therapeutics by 334.8% during the 2nd quarter. California State Teachers Retirement System now owns 27,785 shares of the company’s stock worth $405,000 after acquiring an additional 21,394 shares during the period. AXQ Capital LP grew its stake in Summit Therapeutics by 98.1% during the 2nd quarter. AXQ Capital LP now owns 93,624 shares of the company’s stock valued at $1,364,000 after purchasing an additional 46,356 shares during the last quarter. Nykredit A S acquired a new position in shares of Summit Therapeutics in the second quarter valued at about $111,000. Two Sigma Securities LLC acquired a new position in shares of Summit Therapeutics in the second quarter valued at about $182,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Summit Therapeutics by 13.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 90,338 shares of the company’s stock worth $1,316,000 after purchasing an additional 10,642 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

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.