Summit Therapeutics (NASDAQ:SMMT) Stock Rating Upgraded by Wall Street Zen

Summit Therapeutics (NASDAQ:SMMT) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also recently commented on SMMT. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research report on Tuesday, September 1st. Stifel Nicolaus decreased their price objective on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating for the company in a report on Friday, July 24th. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. HC Wainwright reiterated a “neutral” rating on shares of Summit Therapeutics in a report on Thursday. Finally, Guggenheim reissued a “buy” rating on shares of Summit Therapeutics in a research report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Summit Therapeutics presently has an average rating of “Hold” and a consensus target price of $24.07.

Summit Therapeutics Stock Down 0.1%

NASDAQ SMMT opened at $17.60 on Friday. The firm’s 50 day moving average is $14.24 and its 200-day moving average is $16.18. The company has a market capitalization of $14.04 billion, a PE ratio of -15.71 and a beta of -1.24. Summit Therapeutics has a 12-month low of $12.07 and a 12-month high of $29.23.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). As a group, sell-side analysts expect that Summit Therapeutics will post -1.2 EPS for the current year.

Insider Buying and Selling at Summit Therapeutics

In other news, CEO Robert Duggan acquired 3,810,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was bought 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 approximately $7,529,356,492.48. The trade was a 0.67% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mahkam Zanganeh acquired 3,810,000 shares of the 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 purchase, the chief executive officer directly 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 SEC filing for this purchase provides additional information. Corporate insiders own 83.50% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System raised its stake in Summit Therapeutics by 334.8% in the second quarter. California State Teachers Retirement System now owns 27,785 shares of the company’s stock valued at $405,000 after buying an additional 21,394 shares during the period. AXQ Capital LP lifted its position in shares of Summit Therapeutics by 98.1% in the second quarter. AXQ Capital LP now owns 93,624 shares of the company’s stock valued at $1,364,000 after buying an additional 46,356 shares during the last quarter. Nykredit A S bought a new position in shares of Summit Therapeutics during the 2nd quarter worth approximately $111,000. Two Sigma Securities LLC bought a new position in shares of Summit Therapeutics during the 2nd quarter worth approximately $182,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Summit Therapeutics by 13.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 90,338 shares of the company’s stock worth $1,316,000 after acquiring an additional 10,642 shares during the last quarter. 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.