Summit Therapeutics’ (SMMT) Neutral Rating Reiterated at HC Wainwright

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “neutral” rating reissued by HC Wainwright in a report issued on Thursday,Benzinga reports.

A number of other equities analysts have also issued reports on SMMT. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, May 22nd. Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Friday, July 17th. Citigroup initiated coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating on the stock. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $26.97.

Summit Therapeutics Stock Up 0.8%

Shares of NASDAQ SMMT opened at $14.74 on Thursday. The business’s 50 day moving average is $15.16 and its two-hundred day moving average is $16.72. The company has a market cap of $11.44 billion, a P/E ratio of -9.21 and a beta of -1.26. Summit Therapeutics has a 12 month low of $12.55 and a 12 month high of $30.98.

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

Insider Buying and Selling at Summit Therapeutics

In other news, CFO Manmeet Singh Soni bought 50,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were acquired at an average price of $14.45 per share, with a total value of $722,500.00. Following 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were purchased at an average price 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 in the company, valued at $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders purchased 7,870,000 shares of company stock valued at $103,616,900. 83.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Tema ETFs LLC increased its position in Summit Therapeutics by 1.3% in the second quarter. Tema ETFs LLC now owns 121,097 shares of the company’s stock worth $1,764,000 after purchasing an additional 1,566 shares during the period. Handelsbanken Fonder AB raised its stake in Summit Therapeutics by 24.4% during the 2nd quarter. Handelsbanken Fonder AB now owns 55,500 shares of the company’s stock worth $809,000 after buying an additional 10,900 shares during the period. Parallel Advisors LLC lifted its holdings in Summit Therapeutics by 4,178.0% during the first quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after acquiring an additional 2,089 shares in the last quarter. Bank of America Corp DE lifted its holdings in Summit Therapeutics by 25.4% during the first quarter. Bank of America Corp DE now owns 598,692 shares of the company’s stock worth $11,351,000 after acquiring an additional 121,299 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in Summit Therapeutics by 132.2% in the first quarter. Royal Bank of Canada now owns 7,422 shares of the company’s stock valued at $141,000 after acquiring an additional 4,226 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.