Summit Therapeutics (NASDAQ:SMMT) Stock Price Passes Below Fifty Day Moving Average – Here’s Why

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) passed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $15.51 and traded as low as $13.54. Summit Therapeutics shares last traded at $13.76, with a volume of 3,748,132 shares trading hands.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. Truist Financial upgraded Summit Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Sanford C. Bernstein initiated coverage on Summit Therapeutics in a research report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Friday, May 22nd. Finally, KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $26.97.

Summit Therapeutics Stock Performance

The firm has a fifty day simple moving average of $15.51 and a 200-day simple moving average of $16.82. The company has a market capitalization of $10.68 billion, a PE ratio of -8.60 and a beta of -1.26.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.03. As a group, research analysts anticipate that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.

Insider Buying and Selling at Summit Therapeutics

In related news, CEO Mahkam Zanganeh acquired 3,810,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was bought at an average cost of $13.12 per share, with a total value 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert W. Duggan bought 3,810,000 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was bought at an average cost 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 approximately $7,529,356,492.48. The trade was a 0.67% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased 7,870,000 shares of company stock worth $103,616,900 in the last ninety days. 83.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SMMT. Tema ETFs LLC increased its holdings in shares of Summit Therapeutics by 1.3% in the 2nd quarter. Tema ETFs LLC now owns 121,097 shares of the company’s stock valued at $1,764,000 after acquiring an additional 1,566 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in Summit Therapeutics by 24.4% during the second quarter. Handelsbanken Fonder AB now owns 55,500 shares of the company’s stock worth $809,000 after purchasing an additional 10,900 shares during the last quarter. Parallel Advisors LLC lifted its stake 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 purchasing an additional 2,089 shares during the last quarter. Bank of America Corp DE boosted its holdings in Summit Therapeutics by 25.4% in the first quarter. Bank of America Corp DE now owns 598,692 shares of the company’s stock worth $11,351,000 after purchasing an additional 121,299 shares during the period. Finally, Royal Bank of Canada boosted its holdings in Summit Therapeutics by 132.2% in the first quarter. Royal Bank of Canada now owns 7,422 shares of the company’s stock worth $141,000 after purchasing 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.