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

HC Wainwright reissued their neutral rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report released on Tuesday morning,Benzinga reports.

A number of other equities research analysts have also weighed in on SMMT. Guggenheim lowered their price objective on shares of Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating for the company in a report on Friday, July 24th. Piper Sandler reduced their target price on shares of 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 decreased their target price on shares of Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, July 24th. Sanford C. Bernstein assumed coverage on shares of Summit Therapeutics in a research note on Thursday, May 21st. They issued an “underperform” rating and a $7.70 price target for the company. Finally, Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $24.25.

Summit Therapeutics Trading Down 5.2%

Shares of NASDAQ SMMT opened at $12.43 on Tuesday. The stock’s 50-day moving average is $14.16 and its 200 day moving average is $16.20. The stock has a market cap of $9.92 billion, a price-to-earnings ratio of -11.10 and a beta of -1.23. Summit Therapeutics has a 1-year low of $12.07 and a 1-year high of $30.05.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). On average, analysts forecast that Summit Therapeutics will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling at Summit Therapeutics

In other news, CEO Mahkam Zanganeh bought 3,810,000 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were purchased at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the acquisition, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robert W. Duggan bought 3,810,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was purchased at an average cost 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 $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. Over the last 90 days, insiders purchased 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. bought a new position in shares of Summit Therapeutics during the first quarter valued at about $28,000. Kestra Advisory Services LLC purchased a new position in Summit Therapeutics during the 4th quarter valued at about $28,000. T. Rowe Price Investment Management Inc. increased its holdings in Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after purchasing an additional 1,805 shares during the period. Parallel Advisors LLC bought a new position in Summit Therapeutics during the 3rd quarter valued at approximately $39,000. Finally, Truvestments Capital LLC raised its position in Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after purchasing an additional 1,736 shares during the last quarter. Institutional investors 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.