Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Still a Buy?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) gapped up prior to trading on Tuesday . The stock had previously closed at $12.73, but opened at $13.27. Summit Therapeutics shares last traded at $13.2520, with a volume of 727,251 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SMMT. HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a research report on Tuesday, August 18th. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Wall Street Zen lowered Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. Sanford C. Bernstein upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $9.80 to $11.90 in a research note on Tuesday. Finally, Stifel Nicolaus reduced their price objective on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating for the company in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $24.07.

Summit Therapeutics Trading Up 4.9%

The business’s 50 day simple moving average is $14.12 and its two-hundred day simple moving average is $16.18. The firm has a market capitalization of $10.65 billion, a PE ratio of -11.93 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data 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 research analysts anticipate that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Insider Transactions at Summit Therapeutics

In other Summit Therapeutics news, CFO Manmeet Singh Soni acquired 50,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were purchased 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 of the company’s stock, valued at approximately $45,136,063.35. This trade represents a 1.63% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were acquired 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 position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 7,870,000 shares of company stock worth $103,616,900 in the last quarter. Company insiders own 83.50% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ball & Co Wealth Management Inc. bought a new stake in Summit Therapeutics during the first quarter valued at about $28,000. Kestra Advisory Services LLC purchased a new position in shares of Summit Therapeutics during the 4th quarter valued at about $28,000. T. Rowe Price Investment Management Inc. grew its stake 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 valued at $33,000 after acquiring an additional 1,805 shares during the period. Parallel Advisors LLC purchased a new stake in Summit Therapeutics in the 3rd quarter worth approximately $39,000. Finally, Truvestments Capital LLC raised its stake in 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 during the period. 4.61% of the stock is currently owned by hedge funds and other 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.