Summit Therapeutics (NASDAQ:SMMT) Upgraded at Barclays

Barclays upgraded shares of Summit Therapeutics (NASDAQ:SMMT) from an underweight rating to an equal weight rating in a research note issued to investors on Wednesday, Marketbeat.com reports. Barclays currently has $18.00 target price on the stock, up from their previous target price of $16.00.

Other equities analysts have also issued research reports about the stock. Guggenheim restated a “buy” rating and set a $40.00 price target on shares of Summit Therapeutics in a research report on Wednesday, October 22nd. Citigroup upped their target price on shares of Summit Therapeutics from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Summit Redstone set a $18.00 price target on shares of Summit Therapeutics in a research note on Wednesday. Wolfe Research initiated coverage on Summit Therapeutics in a research report on Tuesday, November 18th. They set a “peer perform” rating for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Monday, September 8th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.77.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT opened at $17.82 on Wednesday. The stock has a 50-day simple moving average of $18.43 and a 200-day simple moving average of $21.57. Summit Therapeutics has a 1 year low of $15.55 and a 1 year high of $36.91. The stock has a market capitalization of $13.74 billion, a P/E ratio of -14.37 and a beta of -1.53.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Monday, October 20th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.17). Analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current year.

Insider Activity

In other Summit Therapeutics news, CEO Mahkam Zanganeh bought 26,680 shares of the business’s stock in a transaction that occurred on Tuesday, October 21st. The stock was acquired at an average cost of $18.74 per share, with a total value of $499,983.20. Following the completion of the purchase, the chief executive officer directly owned 76,680 shares in the company, valued at approximately $1,436,983.20. This trade represents a 53.36% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Yu Xia acquired 533,617 shares of Summit Therapeutics stock in a transaction dated Tuesday, October 21st. The shares were bought at an average cost of $18.74 per share, with a total value of $9,999,982.58. Following the completion of the purchase, the director owned 32,057,147 shares in the company, valued at approximately $600,750,934.78. This represents a 1.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 586,977 shares of company stock worth $10,999,949. Corporate insiders own 84.90% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds have recently modified their holdings of the stock. Ball & Co Wealth Management Inc. purchased a new stake in shares of Summit Therapeutics in the second quarter worth approximately $31,000. Crowley Wealth Management Inc. increased its stake in Summit Therapeutics by 66.7% in the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after buying an additional 600 shares during the period. SBI Securities Co. Ltd. lifted its position in Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after buying an additional 447 shares in the last quarter. Parallel Advisors LLC acquired a new stake in shares of Summit Therapeutics during the 3rd quarter valued at $39,000. Finally, AlphaQuest LLC purchased a new position in shares of Summit Therapeutics during the 1st quarter valued at $49,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.