Summit Therapeutics (NASDAQ:SMMT) Shares Pass Below 50-Day Moving Average – What’s Next?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $24.03 and traded as low as $20.57. Summit Therapeutics shares last traded at $20.66, with a volume of 2,329,034 shares traded.

Analyst Ratings Changes

SMMT has been the topic of several research reports. Summit Redstone set a $13.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 16th. HC Wainwright restated a “buy” rating and issued a $50.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 16th. Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Leerink Partners initiated coverage on shares of Summit Therapeutics in a report on Wednesday, June 11th. They issued an “underperform” rating and a $12.00 target price on the stock. Finally, Guggenheim initiated coverage on shares of Summit Therapeutics in a report on Wednesday, September 3rd. They issued a “buy” rating and a $40.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $31.29.

Summit Therapeutics Trading Down 2.4%

The company’s 50 day moving average price is $24.03 and its two-hundred day moving average price is $23.19. The firm has a market cap of $15.35 billion, a PE ratio of -20.46 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.66). Equities research analysts expect that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Summit Therapeutics news, CEO Robert W. Duggan acquired 333,394 shares of the stock in a transaction dated Wednesday, September 10th. The shares were acquired at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the transaction, the chief executive officer directly owned 556,088,090 shares of the company’s stock, valued at approximately $9,831,637,431.20. The trade was a 0.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Mahkam Zanganeh acquired 333,394 shares of the stock in a transaction dated Wednesday, September 10th. The stock was acquired at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the transaction, the chief executive officer directly owned 556,088,090 shares of the company’s stock, valued at approximately $9,831,637,431.20. This represents a 0.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 676,788 shares of company stock worth $11,969,512. 84.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Summit Therapeutics

Several large investors have recently made changes to their positions in the business. Cerity Partners LLC lifted its stake in Summit Therapeutics by 0.4% in the 1st quarter. Cerity Partners LLC now owns 113,654 shares of the company’s stock worth $2,192,000 after purchasing an additional 440 shares in the last quarter. SBI Securities Co. Ltd. lifted its stake in Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after purchasing an additional 447 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Summit Therapeutics by 11.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company’s stock worth $122,000 after purchasing an additional 647 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after purchasing an additional 694 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its stake in Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after purchasing an additional 751 shares in the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.