Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up – Time to Buy?

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $14.60, but opened at $15.52. Summit Therapeutics shares last traded at $16.0010, with a volume of 2,031,270 shares.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Summit Redstone set a $11.90 price objective on shares of Summit Therapeutics in a research report on Tuesday, August 25th. KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a research note on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Tuesday. Finally, Stifel Nicolaus dropped their target price on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Summit Therapeutics has an average rating of “Hold” and an average target price of $24.07.

Summit Therapeutics Stock Performance

The stock’s fifty day simple moving average is $14.24 and its two-hundred day simple moving average is $16.17. The company has a market cap of $14.04 billion, a price-to-earnings ratio of -15.71 and a beta of -1.24.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Analysts predict that Summit Therapeutics PLC will post -1.2 EPS for the current fiscal year.

Insider Transactions at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 3,810,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was bought at an average cost of $13.12 per share, for a total transaction 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. This represents a 0.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert W. Duggan acquired 3,810,000 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the transaction, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at approximately $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. 83.50% of the stock is currently owned by insiders.

Institutional Trading of Summit Therapeutics

Several large investors have recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics in the first quarter valued at about $28,000. Kestra Advisory Services LLC purchased a new stake in shares of Summit Therapeutics in the fourth quarter worth about $28,000. T. Rowe Price Investment Management Inc. grew its stake in shares of Summit Therapeutics by 2,654.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after buying an additional 1,805 shares in the last quarter. Parallel Advisors LLC purchased a new stake in shares of Summit Therapeutics during the 3rd quarter valued at about $39,000. 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 valued at $46,000 after buying an additional 1,736 shares during the period. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.