Summit Therapeutics PLC (NASDAQ:SMMT) Receives Average Recommendation of “Hold” from Analysts

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have earned an average rating of “Hold” from the sixteen ratings firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $24.0727.

SMMT has been the subject of a number of research reports. HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a report on Wednesday. Guggenheim reaffirmed a “buy” rating on shares of Summit Therapeutics in a report on Wednesday. Stifel Nicolaus lowered their price target on shares of Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating for the company in a report on Friday, July 24th. Summit Redstone set a $11.90 price target on Summit Therapeutics in a research note on Tuesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a report on Friday, July 17th.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $14.33 on Friday. Summit Therapeutics has a 52-week low of $12.07 and a 52-week high of $29.23. The firm has a market cap of $11.43 billion, a price-to-earnings ratio of -12.79 and a beta of -1.23. The business’s fifty day moving average is $14.12 and its 200-day moving average is $16.17.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data 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). As a group, research analysts forecast that Summit Therapeutics will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling at Summit Therapeutics

In other news, CEO Robert W. Duggan purchased 3,810,000 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the purchase, the chief executive officer 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. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the business’s stock in a transaction dated 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 purchase, 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 position. The SEC filing for this purchase provides additional information. Over the last three months, insiders bought 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. bought a new stake in Summit Therapeutics during the 1st quarter worth approximately $28,000. Kestra Advisory Services LLC bought a new position in shares of Summit Therapeutics during the fourth quarter valued at $28,000. Parallel Advisors LLC acquired a new position in shares of Summit Therapeutics during the third quarter worth $39,000. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after purchasing an additional 1,805 shares during the period. Finally, Truvestments Capital LLC grew its stake in shares of Summit Therapeutics by 200.2% in the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after purchasing an additional 1,736 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

More Summit Therapeutics News

Here are the key news stories impacting Summit Therapeutics this week:

• Positive Sentiment: Positive Phase III biliary tract cancer results: In the HARMONi-GI1 study, ivonescimab delivered an overall-survival benefit and outperformed AstraZeneca’s Imfinzi in Chinese biliary tract cancer patients. The result broadens the drug’s potential market and is the primary catalyst behind recent strength in SMMT shares. SMMT Rises on Akeso’s Win in Phase III Biliary Tract Cancer Study
• Positive Sentiment: Pipeline validation: The HARMONi-GI1 findings add to earlier positive ivonescimab data in NSCLC and support Summit’s strategy of developing the Akeso-partnered therapy across multiple cancer indications. The Phase III HARMONi results were also published in The Lancet Oncology, providing additional visibility and credibility. Ivonescimab beats Imfinzi in Chinese biliary tract cancer trial Summit Therapeutics Published Phase III HARMONi Results In The Lancet Oncology
• Positive Sentiment: More favorable analyst view: A Seeking Alpha analysis upgraded Summit to Buy, citing improving sentiment and upcoming global clinical and regulatory catalysts, including pivotal data and potential FDA decisions. Summit Therapeutics: Signals Of Moving Past Lung Cancer
• Neutral Sentiment: Mixed analyst signals: HC Wainwright reaffirmed its Neutral rating, indicating that the promising clinical data have not yet eliminated uncertainty around commercialization, regulatory approval and valuation.
• Negative Sentiment: Cash-burn and execution concerns: Summit remains loss-making, and its substantial operating expenses and aggressive pipeline expansion could leave liquidity covering only several quarters. Investors may therefore remain cautious until additional global trial and regulatory milestones are achieved. Summit Therapeutics: Signals Of Moving Past Lung Cancer

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.