Summit Therapeutics’ (SMMT) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a report published on Monday,Benzinga reports. The brokerage currently has a $40.00 price target on the stock.

A number of other equities analysts have also recently commented on SMMT. Guggenheim began coverage on shares of Summit Therapeutics in a research note on Wednesday, September 3rd. They set a “buy” rating and a $40.00 price target for the company. Piper Sandler began coverage on shares of Summit Therapeutics in a research note on Monday, August 18th. They set a “neutral” rating and a $21.00 price target for the company. Summit Redstone set a $13.00 price target on shares of Summit Therapeutics in a research note on Tuesday, September 16th. HC Wainwright reaffirmed a “buy” rating and set a $50.00 price target on shares of Summit Therapeutics in a research note on Tuesday, September 16th. Finally, Citigroup lifted their price target on shares of Summit Therapeutics from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.14.

Summit Therapeutics Stock Up 2.2%

Summit Therapeutics stock opened at $19.16 on Monday. The company has a market cap of $14.26 billion, a price-to-earnings ratio of -15.45 and a beta of -1.13. The firm’s fifty day moving average is $22.02 and its 200 day moving average is $23.36. Summit Therapeutics has a 52-week low of $15.55 and a 52-week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, October 20th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.17). On average, equities research analysts anticipate that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Insider Transactions at Summit Therapeutics

In related news, CEO Mahkam Zanganeh purchased 333,394 shares of the business’s stock in a transaction dated Wednesday, September 10th. The shares were purchased at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the acquisition, the chief executive officer owned 556,088,090 shares in the company, valued at approximately $9,831,637,431.20. This trade represents a 0.06% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Robert W. Duggan purchased 333,394 shares of the business’s stock in a transaction dated Wednesday, September 10th. The stock was bought at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the acquisition, the chief executive officer owned 556,088,090 shares of the company’s stock, valued at approximately $9,831,637,431.20. The trade was a 0.06% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 676,788 shares of company stock worth $11,969,512. Company insiders own 84.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Golden State Wealth Management LLC grew its holdings in Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after acquiring an additional 751 shares in the last quarter. Ball & Co Wealth Management Inc. bought a new position in Summit Therapeutics during the 2nd quarter worth about $31,000. Crowley Wealth Management Inc. grew its holdings in Summit Therapeutics by 66.7% during the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock worth $31,000 after acquiring an additional 600 shares in the last quarter. CWM LLC grew its holdings in Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after acquiring an additional 1,624 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its holdings in Summit Therapeutics by 34.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after acquiring an additional 447 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.