Summit Therapeutics PLC (NASDAQ:SMMT) Receives $26.15 Consensus PT from Analysts

Summit Therapeutics PLC (NASDAQ:SMMT) has been assigned a consensus recommendation of “Hold” from the sixteen brokerages that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $26.1545.

A number of research firms recently weighed in on SMMT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Friday, July 17th. HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a research note on Thursday. Sanford C. Bernstein initiated coverage on Summit Therapeutics in a report on Thursday, May 21st. They set an “underperform” rating and a $7.70 price objective for the company. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Finally, Guggenheim cut their target price on Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 24th.

Summit Therapeutics Trading Up 3.1%

SMMT opened at $13.96 on Monday. The company has a fifty day moving average price of $14.29 and a two-hundred day moving average price of $16.35. Summit Therapeutics has a 1-year low of $12.25 and a 1-year high of $30.05. The company has a market cap of $11.14 billion, a P/E ratio of -12.46 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT) last released 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). On average, research analysts forecast that Summit Therapeutics will post -1.2 EPS for the current fiscal year.

Insider Transactions at Summit Therapeutics

In other news, CFO Manmeet Singh Soni bought 50,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was bought at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the acquisition, the chief financial officer directly owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. This trade represents a 1.63% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert W. Duggan purchased 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 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 represents a 0.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 7,870,000 shares of company stock valued at $103,616,900 over the last three months. Corporate insiders own 83.50% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Ball & Co Wealth Management Inc. bought a new position in shares of Summit Therapeutics during the 1st quarter worth approximately $28,000. Kestra Advisory Services LLC purchased a new position in shares of Summit Therapeutics in the 4th quarter worth approximately $28,000. T. Rowe Price Investment Management Inc. grew its holdings 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 acquiring an additional 1,805 shares in the last quarter. Parallel Advisors LLC bought a new position in shares of Summit Therapeutics in the third quarter valued at approximately $39,000. Finally, Truvestments Capital LLC increased its position in shares of Summit Therapeutics by 200.2% during the fourth 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 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.