Summit Therapeutics PLC (NASDAQ:SMMT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Summit Therapeutics PLC (NASDAQ:SMMT) has been assigned a consensus rating of “Moderate Buy” from the seventeen brokerages that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $33.7857.

A number of equities analysts have recently weighed in on the stock. Piper Sandler assumed coverage on shares of Summit Therapeutics in a research report on Monday, August 18th. They issued a “neutral” rating and a $21.00 price objective for the company. Leerink Partnrs upgraded Summit Therapeutics to a “strong sell” rating in a report on Wednesday, June 11th. Summit Redstone set a $21.00 price objective on Summit Therapeutics in a research report on Tuesday, August 19th. JMP Securities reiterated a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Wednesday, September 3rd. Finally, Evercore ISI raised their price target on Summit Therapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th.

Summit Therapeutics Stock Down 4.3%

NASDAQ SMMT opened at $18.12 on Friday. Summit Therapeutics has a fifty-two week low of $15.55 and a fifty-two week high of $36.91. The business has a fifty day moving average of $25.27 and a 200-day moving average of $23.14. The stock has a market cap of $13.46 billion, a price-to-earnings ratio of -17.94 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.66). As a group, analysts anticipate that Summit Therapeutics will post -0.3 EPS for the current year.

Insider Activity at Summit Therapeutics

In related news, CEO Robert W. Duggan purchased 333,394 shares of the business’s stock in a transaction on Wednesday, September 10th. The shares were bought at an average price of $17.68 per share, with a total value of $5,894,405.92. Following the completion of the purchase, the chief executive officer directly owned 556,088,090 shares in the company, valued at approximately $9,831,637,431.20. This trade represents a 0.06% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Mahkam Zanganeh purchased 333,394 shares of the firm’s stock in a transaction on Wednesday, September 10th. The stock was bought at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the acquisition, the chief executive officer owned 556,088,090 shares in the company, valued at $9,831,637,431.20. The trade was a 0.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 676,788 shares of company stock valued at $11,969,512 in the last ninety days. 84.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently modified their holdings of the company. Bank of America Corp DE lifted its holdings in shares of Summit Therapeutics by 10.5% during the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company’s stock valued at $7,701,000 after acquiring an additional 40,908 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Summit Therapeutics by 12.1% in the first quarter. Janney Montgomery Scott LLC now owns 17,610 shares of the company’s stock worth $340,000 after buying an additional 1,894 shares during the period. Siren L.L.C. purchased a new stake in shares of Summit Therapeutics during the 1st quarter valued at about $13,407,000. Ameriprise Financial Inc. purchased a new position in Summit Therapeutics in the 4th quarter worth approximately $406,000. Finally, GAMMA Investing LLC grew its position in Summit Therapeutics by 2,629.7% in the first quarter. GAMMA Investing LLC now owns 15,914 shares of the company’s stock valued at $307,000 after acquiring an additional 15,331 shares in the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.