Summit Therapeutics (NASDAQ:SMMT) Given “Neutral” Rating at HC Wainwright

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “neutral” rating reissued by equities researchers at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports.

Other analysts have also recently issued reports about the stock. Piper Sandler reduced their target price on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Friday, May 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Friday, July 17th. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. Sanford C. Bernstein began coverage on Summit Therapeutics in a report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 target price on the stock. Finally, Stifel Nicolaus lowered their target price on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Summit Therapeutics presently has an average rating of “Hold” and a consensus target price of $24.25.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT traded down $0.15 during midday trading on Tuesday, hitting $12.63. 570,469 shares of the company’s stock traded hands, compared to its average volume of 4,030,917. Summit Therapeutics has a 1 year low of $12.07 and a 1 year high of $30.05. The stock has a market capitalization of $10.07 billion, a price-to-earnings ratio of -11.31 and a beta of -1.23. The firm has a fifty day moving average of $14.20 and a 200 day moving average of $16.25.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data 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 year.

Insider Buying and Selling at Summit Therapeutics

In other news, CEO Robert W. Duggan purchased 3,810,000 shares of the company’s stock in a transaction on Friday, June 12th. The stock was acquired at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Mahkam Zanganeh acquired 3,810,000 shares of Summit Therapeutics stock in a transaction dated Friday, June 12th. The stock was purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the purchase, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 7,870,000 shares of company stock valued at $103,616,900 over the last 90 days. 83.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Baker BROS. Advisors LP raised its holdings in Summit Therapeutics by 7.9% during the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after acquiring an additional 2,668,089 shares during the period. TD Asset Management Inc boosted its stake in shares of Summit Therapeutics by 124.2% in the fourth quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock worth $21,080,000 after acquiring an additional 667,742 shares during the period. Polymer Capital Management HK LTD boosted its stake in shares of Summit Therapeutics by 73.9% in the fourth quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company’s stock worth $24,856,000 after acquiring an additional 603,879 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Summit Therapeutics during the first quarter worth about $2,269,000. Finally, Norges Bank purchased a new stake in shares of Summit Therapeutics during the fourth quarter worth about $24,030,000. Institutional investors 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.