Summit Therapeutics PLC (NASDAQ:SMMT) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have been assigned an average recommendation of “Hold” from the sixteen research firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $26.9727.

Several brokerages recently issued reports on SMMT. Piper Sandler cut their price target on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Friday, May 1st. Stifel Nicolaus started coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating and a $45.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, May 22nd. HC Wainwright cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Finally, Citigroup began coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating on the stock.

Insider Buying and Selling at Summit Therapeutics

In other news, CFO Manmeet Singh Soni purchased 50,000 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were bought at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the purchase, the chief financial officer owned 3,123,603 shares of the company’s stock, valued at $45,136,063.35. This trade represents a 1.63% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the business’s 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 owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. The trade was a 0.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Ball & Co Wealth Management Inc. acquired a new stake in Summit Therapeutics in the first quarter worth approximately $28,000. Kestra Advisory Services LLC acquired a new position in Summit Therapeutics in the fourth quarter worth approximately $28,000. Parallel Advisors LLC acquired a new position in shares of Summit Therapeutics in the 3rd quarter worth $39,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after acquiring an additional 1,805 shares during the last quarter. Finally, Truvestments Capital LLC raised its position in shares of Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after purchasing an additional 1,736 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $15.69 on Thursday. Summit Therapeutics has a 1 year low of $12.55 and a 1 year high of $30.98. The firm’s 50-day moving average is $16.03 and its 200-day moving average is $16.95. The company has a market cap of $12.18 billion, a P/E ratio of -9.81 and a beta of -1.26.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. As a group, sell-side analysts predict that Summit Therapeutics will post -1.18 earnings per share for the current year.

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.