Summit Therapeutics (NASDAQ:SMMT) Stock Price Crosses Above 50 Day Moving Average – Time to Sell?

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $14.28 and traded as high as $15.73. Summit Therapeutics shares last traded at $15.11, with a volume of 4,959,993 shares.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SMMT shares. Sanford C. Bernstein began coverage on shares of Summit Therapeutics in a research report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 price objective on the stock. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Friday, July 17th. Guggenheim cut their price target on Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 24th. Finally, Piper Sandler reduced their price objective on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $24.25.

Summit Therapeutics Stock Down 7.3%

The firm has a market capitalization of $11.17 billion, a P/E ratio of -12.50 and a beta of -1.23. The business’s 50 day moving average is $14.26 and its two-hundred day moving average is $16.30.

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

Insider Activity at Summit Therapeutics

In other news, CEO Mahkam Zanganeh bought 3,810,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were purchased at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert W. Duggan bought 3,810,000 shares of the business’s stock in a transaction on Friday, June 12th. The stock was purchased at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 7,870,000 shares of company stock worth $103,616,900 over the last quarter. 83.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after acquiring an additional 694 shares in the last quarter. Fifth Third Bancorp grew its stake in Summit Therapeutics by 24.4% during the 1st quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock valued at $71,000 after acquiring an additional 732 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Summit Therapeutics by 3.3% in the 3rd quarter. Sei Investments Co. now owns 27,163 shares of the company’s stock valued at $561,000 after purchasing an additional 860 shares during the period. Levin Capital Strategies L.P. increased its holdings in shares of Summit Therapeutics by 2.7% in the 4th quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company’s stock valued at $659,000 after purchasing an additional 1,000 shares during the period. Finally, State of Wisconsin Investment Board lifted its position in shares of Summit Therapeutics by 1.1% in the fourth quarter. State of Wisconsin Investment Board now owns 92,882 shares of the company’s stock worth $1,625,000 after purchasing an additional 1,047 shares in 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.