Summit Therapeutics (NASDAQ:SMMT) Trading 4.9% Higher – Still a Buy?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) shot up 4.9% during trading on Tuesday . The company traded as high as $14.24 and last traded at $14.2870. Approximately 1,362,987 shares traded hands during trading, a decline of 67% from the average daily volume of 4,155,141 shares. The stock had previously closed at $13.62.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Guggenheim restated a “buy” rating on shares of Summit Therapeutics in a report on Wednesday, August 26th. HC Wainwright reiterated a “neutral” rating on shares of Summit Therapeutics in a research report on Wednesday, August 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Friday, July 17th. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Finally, Jefferies Financial Group set a $15.00 price target on Summit Therapeutics in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $24.07.

Summit Therapeutics Stock Performance

The stock’s 50-day moving average is $14.11 and its two-hundred day moving average is $16.15. The stock has a market cap of $11.39 billion, a PE ratio of -12.75 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Analysts forecast that Summit Therapeutics PLC will post -1.2 EPS for the current year.

Insider Buying and Selling

In other news, CFO Manmeet Singh Soni bought 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were purchased at an average price of $14.45 per share, with a total value of $722,500.00. Following the purchase, the chief financial officer owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of the company’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. This represents a 0.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 7,870,000 shares of company stock valued at $103,616,900. Corporate insiders own 83.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC lifted its holdings in Summit Therapeutics by 5.0% during the 1st quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock worth $1,266,000 after buying an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock valued at $1,273,000 after purchasing an additional 694 shares in the last quarter. Creative Planning raised its holdings in shares of Summit Therapeutics by 6.7% in the 2nd quarter. Creative Planning now owns 21,390 shares of the company’s stock valued at $455,000 after purchasing an additional 1,336 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Summit Therapeutics by 33.8% during the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company’s stock worth $561,000 after purchasing an additional 6,662 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth about $132,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.