Summit Therapeutics (NASDAQ:SMMT) Trading Up 8.4% – Here’s What Happened

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price rose 8.4% on Thursday . The stock traded as high as $15.40 and last traded at $15.5930. 615,198 shares were traded during trading, a decline of 85% from the average session volume of 3,990,795 shares. The stock had previously closed at $14.38.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SMMT shares. HC Wainwright downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. Jefferies Financial Group downgraded Summit Therapeutics from a “buy” rating to a “hold” rating and dropped their target price for the company from $42.00 to $15.00 in a report on Monday, March 16th. Citigroup began coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $26.97.

Summit Therapeutics Price Performance

The business has a 50 day simple moving average of $16.41 and a 200 day simple moving average of $16.98. The stock has a market cap of $11.97 billion, a PE ratio of -9.64 and a beta of -1.26.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. As a group, sell-side analysts forecast that Summit Therapeutics PLC will post -1.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Summit Therapeutics news, CFO Manmeet Singh Soni acquired 50,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The shares were purchased at an average price of $14.45 per share, with a total value of $722,500.00. Following the completion of the transaction, the chief financial officer owned 3,123,603 shares in the company, valued at $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of Summit Therapeutics stock in a transaction on Friday, June 12th. The stock was acquired 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 of the company’s stock, valued at approximately $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have bought 7,870,000 shares of company stock worth $103,616,900. Insiders own 83.50% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC boosted its holdings in Summit Therapeutics by 4,178.0% in the first quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after purchasing an additional 2,089 shares in the last quarter. Bank of America Corp DE raised its holdings in Summit Therapeutics by 25.4% during the first quarter. Bank of America Corp DE now owns 598,692 shares of the company’s stock valued at $11,351,000 after buying an additional 121,299 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Summit Therapeutics by 132.2% in the first quarter. Royal Bank of Canada now owns 7,422 shares of the company’s stock worth $141,000 after buying an additional 4,226 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Summit Therapeutics by 34.4% in the first quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company’s stock worth $11,240,000 after buying an additional 151,857 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of Summit Therapeutics by 415.5% in the first quarter. Quantinno Capital Management LP now owns 73,835 shares of the company’s stock worth $1,400,000 after buying an additional 59,512 shares during the last quarter. 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.