Summit Therapeutics (NASDAQ:SMMT) Hits New 1-Year Low – Here’s Why

Summit Therapeutics PLC (NASDAQ:SMMT) reached a new 52-week low during trading on Tuesday . The company traded as low as $12.37 and last traded at $12.4050, with a volume of 1017435 shares. The stock had previously closed at $13.10.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Citigroup assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Friday, July 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, July 24th. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Finally, Jefferies Financial Group set a $15.00 price target on Summit Therapeutics in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Summit Therapeutics has an average rating of “Hold” and a consensus price target of $26.15.

Summit Therapeutics Stock Performance

The stock has a fifty day moving average of $14.80 and a 200 day moving average of $16.55. The company has a market capitalization of $10.52 billion, a PE ratio of -11.75 and a beta of -1.26.

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

Insider Buying and Selling

In related news, CFO Manmeet Singh Soni purchased 50,000 shares of the firm’s stock in a transaction 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 purchase, the chief financial officer directly owned 3,123,603 shares in the company, valued at $45,136,063.35. This trade represents a 1.63% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert W. Duggan acquired 3,810,000 shares of the company’s stock in a transaction on Friday, June 12th. The shares were bought at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $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. Over the last quarter, insiders purchased 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Summit Therapeutics

Several large investors have recently made changes to their positions in the company. Ball & Co Wealth Management Inc. bought a new position in Summit Therapeutics during the first quarter valued at approximately $28,000. Kestra Advisory Services LLC bought a new stake in Summit Therapeutics in the 4th quarter worth approximately $28,000. Parallel Advisors LLC bought a new stake in Summit Therapeutics in the 3rd quarter worth approximately $39,000. T. Rowe Price Investment Management Inc. raised its holdings in shares of Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after acquiring an additional 1,805 shares in the last quarter. Finally, Truvestments Capital LLC raised its holdings in shares of Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after acquiring an additional 1,736 shares in the last quarter. 4.61% of the stock is owned by institutional investors.

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.