Summit Therapeutics PLC (NASDAQ:SMMT) Given Average Rating of “Hold” by Analysts

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have earned an average recommendation of “Hold” from the sixteen ratings firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $26.9727.

Several analysts have weighed in on SMMT shares. Sanford C. Bernstein initiated coverage on Summit Therapeutics in a research note on Thursday, May 21st. They set an “underperform” rating and a $7.70 target price on the stock. KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Tuesday, April 21st. Finally, Stifel Nicolaus began coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 price objective for the company.

Summit Therapeutics Trading Down 2.6%

Shares of NASDAQ:SMMT opened at $15.07 on Thursday. The firm’s 50 day moving average is $15.58 and its two-hundred day moving average is $16.85. The firm has a market capitalization of $11.70 billion, a P/E ratio of -9.42 and a beta of -1.26. Summit Therapeutics has a 52 week low of $12.55 and a 52 week high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.03. Analysts predict that Summit Therapeutics will post -1.18 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Manmeet Singh Soni acquired 50,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the purchase, the chief financial officer directly owned 3,123,603 shares of the company’s stock, valued at $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 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 of the company’s stock, valued at $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. In the last three months, insiders have purchased 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL acquired a new position in shares of Summit Therapeutics in the 3rd quarter worth approximately $7,174,000. Baker BROS. Advisors LP boosted 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 worth $636,480,000 after buying an additional 2,668,089 shares in the last quarter. WINTON GROUP Ltd bought a new stake in Summit Therapeutics during the third quarter worth approximately $1,341,000. Assenagon Asset Management S.A. acquired a new position in Summit Therapeutics in the fourth quarter worth approximately $1,043,000. Finally, TD Asset Management Inc grew its position in 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 buying an additional 667,742 shares during the last quarter. 4.61% of the stock is owned by institutional investors.

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.