Wall Street Zen Downgrades Summit Therapeutics (NASDAQ:SMMT) to Sell

Summit Therapeutics (NASDAQ:SMMT) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Other research analysts have also issued reports about the company. Citigroup began coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating on the stock. Piper Sandler lowered their target price on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. HC Wainwright reiterated a “neutral” rating on shares of Summit Therapeutics in a report on Wednesday. Sanford C. Bernstein assumed coverage on Summit Therapeutics in a report on Thursday, May 21st. They set an “underperform” rating and a $7.70 target price on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Tuesday, April 21st. One investment 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 issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $26.97.

Summit Therapeutics Price Performance

Summit Therapeutics stock opened at $13.81 on Friday. Summit Therapeutics has a 52-week low of $12.55 and a 52-week high of $30.98. The firm has a fifty day moving average of $15.43 and a 200-day moving average of $16.79. The firm has a market capitalization of $10.72 billion, a P/E ratio of -8.63 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. On average, research analysts expect that Summit Therapeutics will post -1.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert W. Duggan 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 transaction, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mahkam Zanganeh acquired 3,810,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the transaction, the chief executive officer owned 573,883,879 shares in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 7,870,000 shares of company stock valued at $103,616,900 in the last quarter. Company insiders own 83.50% of the company’s stock.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics in the first quarter valued at about $28,000. Kestra Advisory Services LLC purchased a new stake in Summit Therapeutics during the 4th quarter worth approximately $28,000. T. Rowe Price Investment Management Inc. raised its position 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 valued at $33,000 after purchasing an additional 1,805 shares in the last quarter. Parallel Advisors LLC acquired a new position in shares of Summit Therapeutics in the 3rd quarter valued at approximately $39,000. Finally, Truvestments Capital LLC boosted its stake in shares of 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 buying an additional 1,736 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

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.