Summit Therapeutics (NASDAQ:SMMT) Raised to Market Perform at Leerink Partners

Summit Therapeutics (NASDAQ:SMMT) was upgraded by Leerink Partners from an “underperform” rating to a “market perform” rating in a report released on Wednesday, Marketbeat reports. The brokerage currently has a $13.00 target price on the stock. Leerink Partners’ price objective indicates a potential downside of 13.96% from the company’s current price.

A number of other brokerages have also recently issued reports on SMMT. KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. HC Wainwright reiterated a “neutral” rating on shares of Summit Therapeutics in a research report on Thursday, August 6th. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, July 24th. Sanford C. Bernstein assumed coverage on shares of Summit Therapeutics in a research note on Thursday, May 21st. They issued an “underperform” rating and a $7.70 target price on the stock. Finally, Jefferies Financial Group set a $15.00 price objective on Summit Therapeutics in a research report on Friday, July 24th. One 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $24.25.

Summit Therapeutics Stock Up 1.6%

NASDAQ SMMT opened at $15.11 on Wednesday. The company has a market cap of $12.05 billion, a PE ratio of -13.49 and a beta of -1.23. Summit Therapeutics has a 52 week low of $12.25 and a 52 week high of $30.05. The firm’s 50-day simple moving average is $14.28 and its two-hundred day simple moving average is $16.33.

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

Insider Buying and Selling

In other news, CEO Mahkam Zanganeh bought 3,810,000 shares of Summit Therapeutics 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 purchase, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Manmeet Singh Soni purchased 50,000 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were purchased at an average cost of $14.45 per share, with a total value of $722,500.00. Following the purchase, the chief financial officer owned 3,123,603 shares of the company’s stock, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders purchased 7,870,000 shares of company stock worth $103,616,900. Corporate insiders own 83.50% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

A number of large investors have recently added to or reduced their stakes in the business. Ball & Co Wealth Management Inc. bought a new stake in Summit Therapeutics in the first quarter worth $28,000. Kestra Advisory Services LLC purchased a new position in shares of Summit Therapeutics in the fourth quarter worth about $28,000. Parallel Advisors LLC bought a new stake in shares of Summit Therapeutics in the 3rd quarter valued at about $39,000. T. Rowe Price Investment Management Inc. lifted its stake in shares of Summit Therapeutics by 2,654.4% in 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 last quarter. Finally, Truvestments Capital LLC boosted its holdings in Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after acquiring an additional 1,736 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.