Summit Therapeutics (NASDAQ:SMMT) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Summit Therapeutics (NASDAQ:SMMT) from a sell rating to a hold rating in a research report released on Saturday,Wall Street Zen reports.

A number of other research firms have also weighed in on SMMT. Summit Redstone set a $11.90 price objective on Summit Therapeutics in a research note on Tuesday, August 25th. Leerink Partners raised Summit Therapeutics from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $12.00 to $13.00 in a research note on Wednesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Friday, July 17th. KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Summit Therapeutics has an average rating of “Hold” and an average price target of $24.07.

Summit Therapeutics Price Performance

SMMT opened at $17.60 on Friday. The company’s 50 day simple moving average is $14.24 and its two-hundred day simple moving average is $16.17. Summit Therapeutics has a 1-year low of $12.07 and a 1-year high of $29.23. The firm has a market capitalization of $14.04 billion, a price-to-earnings ratio of -15.71 and a beta of -1.24.

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

Insider Activity at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh bought 3,810,000 shares of the business’s stock in a transaction on 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Duggan bought 3,810,000 shares of the business’s stock in a transaction on Friday, June 12th. The shares were acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the purchase, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 83.50% of the company’s stock.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Ball & Co Wealth Management Inc. acquired a new position in Summit Therapeutics in the first quarter valued at about $28,000. Kestra Advisory Services LLC acquired a new stake in shares of Summit Therapeutics during the fourth quarter valued at about $28,000. Parallel Advisors LLC acquired a new stake in shares of Summit Therapeutics during the third quarter valued at about $39,000. T. Rowe Price Investment Management Inc. raised its stake 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 valued at $33,000 after acquiring an additional 1,805 shares during the period. Finally, Truvestments Capital LLC raised its stake in shares of 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 acquiring an additional 1,736 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

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.