Summit Therapeutics PLC (NASDAQ:SMMT) Receives $33.08 Average Target Price from Analysts

Summit Therapeutics PLC (NASDAQ:SMMT) has earned an average recommendation of “Hold” from the seventeen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $33.0833.

Several research analysts recently weighed in on the stock. Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. JMP Securities reiterated a “market outperform” rating and set a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday, October 20th. Citigroup raised their target price on Summit Therapeutics from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Barclays upgraded Summit Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $16.00 to $18.00 in a research report on Wednesday, December 17th. Finally, Guggenheim reissued a “buy” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, October 22nd.

Summit Therapeutics Stock Down 1.3%

Shares of Summit Therapeutics stock opened at $17.04 on Thursday. The firm has a market cap of $13.14 billion, a PE ratio of -13.74 and a beta of -1.51. Summit Therapeutics has a twelve month low of $15.55 and a twelve month high of $36.91. The business has a 50-day moving average price of $17.77 and a 200 day moving average price of $21.21.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, October 20th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.17). On average, sell-side analysts expect that Summit Therapeutics will post -0.3 EPS for the current year.

Insider Transactions at Summit Therapeutics

In other Summit Therapeutics news, CEO Robert W. Duggan purchased 26,680 shares of the firm’s stock in a transaction dated Tuesday, October 21st. The shares were purchased 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 owned 76,680 shares in the company, valued at approximately $1,436,983.20. This represents a 53.36% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Mahkam Zanganeh acquired 26,680 shares of the company’s stock in a transaction that occurred on Tuesday, October 21st. The shares were acquired at an average cost of $18.74 per share, with a total value of $499,983.20. Following the purchase, the chief executive officer owned 76,680 shares in the company, valued at $1,436,983.20. This represents a 53.36% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have acquired 586,977 shares of company stock valued at $10,999,949. Corporate insiders own 84.90% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMMT. Tema Etfs LLC increased its stake in shares of Summit Therapeutics by 19.3% in the 4th quarter. Tema Etfs LLC now owns 95,782 shares of the company’s stock worth $1,675,000 after acquiring an additional 15,498 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Summit Therapeutics by 204.7% during the 4th quarter. SG Americas Securities LLC now owns 15,589 shares of the company’s stock valued at $273,000 after acquiring an additional 10,472 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Summit Therapeutics in the fourth quarter valued at about $1,043,000. Wealth Enhancement Advisory Services LLC increased its position in Summit Therapeutics by 27.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 20,875 shares of the company’s stock worth $390,000 after purchasing an additional 4,464 shares during the last quarter. Finally, Tudor Investment Corp ET AL acquired a new stake in Summit Therapeutics during the third quarter worth about $7,174,000. 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.