HC Wainwright Reaffirms “Neutral” Rating for Summit Therapeutics (NASDAQ:SMMT)

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “neutral” rating reiterated by equities research analysts at HC Wainwright in a report released on Wednesday,Benzinga reports.

Other equities analysts have also recently issued research reports about the stock. Guggenheim reduced their price target on shares of Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, July 24th. Leerink Partners raised Summit Therapeutics from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $12.00 to $13.00 in a report on Wednesday, August 12th. Wall Street Zen lowered Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Summit Redstone set a $11.90 price target on Summit Therapeutics in a research report on Tuesday. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $24.07.

Summit Therapeutics Trading Up 4.9%

SMMT stock opened at $13.36 on Wednesday. Summit Therapeutics has a twelve month low of $12.07 and a twelve month high of $30.05. The company has a market capitalization of $10.66 billion, a P/E ratio of -11.93 and a beta of -1.23. The firm has a 50 day simple moving average of $14.11 and a 200-day simple moving average of $16.17.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). On average, research analysts predict that Summit Therapeutics will post -1.2 EPS for the current year.

Insider Buying and Selling at Summit Therapeutics

In related news, CFO Manmeet Singh Soni purchased 50,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were acquired at an average cost of $14.45 per share, for a total transaction of $722,500.00. Following the transaction, the chief financial officer owned 3,123,603 shares of the company’s stock, valued at $45,136,063.35. This trade represents a 1.63% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert W. Duggan purchased 3,810,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was bought at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the acquisition, the chief executive officer 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 7,870,000 shares of company stock worth $103,616,900 over the last ninety days. Company insiders own 83.50% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

Several large investors have recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. bought a new stake in Summit Therapeutics in the first quarter valued at $28,000. Kestra Advisory Services LLC bought a new position in shares of Summit Therapeutics during the fourth quarter worth about $28,000. Parallel Advisors LLC acquired a new stake in shares of Summit Therapeutics in the 3rd quarter worth about $39,000. T. Rowe Price Investment Management Inc. increased its holdings in shares of Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after acquiring an additional 1,805 shares during the period. Finally, Truvestments Capital LLC lifted its position in Summit Therapeutics by 200.2% in the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after purchasing an additional 1,736 shares during the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

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.